Definitions for "JPEG 2000"
Officially called ISO 15444, the "JPEG 2000: Image Coding System", it's a standardized format that will expand the ability to manage and transport continuous tone images without noticeable loss of quality.
an image compression standard that supports both lossy and lossless compression and that was created by the Joint Photographic Experts Group committee with the intention of superseding their original JPEG standard
Uses wavelet compression up to 40 times more effectively than current JPG (which uses discrete cosine transformation). May become popular is browser makers take it up.