The genius minds at Google, Microsoft, Mozilla and Apple are coming together to create WebAssembly (also known as wasm). This is a new binary format – bytecode – to be used in browsers in future and promises about 20 times faster performance. Bytecode is a machine-readable instruction set that is faster for web browser to load as compared to high-level programming languages.
WebAssembly is expected to grow into portable bytecode for browsers. The early prototypes are showing some advantages like the binary representation is 20 times faster to parse (compared to equivalent asm.js).
The main teams working on WebAssembly are PNaCl team of Google and asm.js team of Mozilla, and they are working to combine their best. There is no formal standards body behind it and it is still in the early stages of development but with major browser makers backing it, WebAssembly has a bright future.