File type: JPEG 2000 Image
JPG is an image compression format for graphic images to be stored on the computer digitally and was originally standardized by JPEG, Joint Photographic Experts Group. This file is used very commonly today by several devices like digital cameras, and other image sensing or imaging devices for storing as well as reading the images in a digital format since this format supports for up to 24-bit color data. Hence it can be used for very high quality images.
This format is also a very common format and is used highly for publishing graphics on the web. JPG compression uses a loose compression technique which implies that during the compression there is a loss in the data of the image and can cause a noticeable reduction in the quality of the image in the event a very high amount of compression is tried on the original image. Although it is a very good compression algorithm and achieves very good results for digital images, if used with very high compressions it may highly reduce the quality of the image which is not recoverable.