JPEG 2000 is a wavelet-based image compression standard. It was created by the Joint Photographic Experts Group committee in the year 2000 with the intention of superseding their original discrete cosine transform-based JPEG standard (created about 1991). The standardized filename extension is .jp2 for ISO/IEC 15444-1 conforming files and .jpx for the extended part-2 specifications, published as ISO/IEC 15444-2, while the MIME type is image/jp2.
JPEG 2000 requires far greater decompression time than JPEG and allows more sophisticated progressive downloads, yet averages similar compression rates. JPEG 2000 becomes increasingly blurred with higher compression ratios rather than generating JPEG's "blocking and ringing" artifacts, complicating direct comparison of their respective compression rates.