Open source, offers fast, lossless compression, and has a very charming name. A developer named Dominic Szablewski has given the world a new file format with a splendid name: the Quite OK Image Format (QOI). The file format might be better than that. Szablewski explained that he decided the world needed a new image format because the likes of PNG, JPEG, MPEG, MOV and MP4 “burst with complexity at the seams.”

Source: LXer – Developer creates ‘Quite OK Image Format’ – but it performs better than just OK