BPG, Better Portable Graphics, is a new, still image graphics format, based upon HEVC, High Efficiency Video Coding. Interestingly, HEVC is also what the much anticipated H.265 video format is based on.
Provides far better images at the same file size as JPEG, or the same quality at half the file size. The left half of the picture below is JPEG, the right is BPG, with similar file sizes:
Even though 50% is an impressive reduction, it's still not as good as typical H.264 reductions of 75% or more, mainly because it relies on intra-frame compression, like JPEG. And though 5 years ago or so it might have given H.264 a run for its money, at this point it's unlikely to gain traction as surveillance CODEC.
Especially if this is any indication of how superior HEVC is, and thereby foreshadowing the performance of next year's perennial favorite, H.265...