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JPEG

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(also jpg), n. ~ A standard (ISO/IEC 10918) that specifies a digital graphic file format that can reproduce a large color space and that can compress the data to minimize the file size.

Notes: 

In principle, the JPEG file format can produce either lossy or lossless compression. The more a file is compressed, the greater the loss of image quality. However, most implementations of JPEG do not implement lossless compression. The format is commonly used for photographs.