The original source is a freaking telegram group but I’m not posting a direct link to that so here’s an article from a decent source.
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How does this compare to the standard HEIF format? Is this just google making their own format and using their near monopoly to push it?
It seems to be fully backwards-compatible with standard JPEG. I.e. image viewers will that don’t support newer formats will display it as if it was a JPEG file with SDR colors.
Also, HEIF/HEIC is patented format that you need to pay royalties for. Open formats are obviously superior and there are multiple ones that support HDR (there is also open variant of HEIF that uses AV1 encoding but I don’t know whether Android or iOS support it).