The DWT of OpenJPEG 2000 allows lossy and lossless compression. I wonder if other bitcoin experts could help and make sure that either mode can be used with bitcoins.
If you work on this, optional benefit is that mode in DWT, specifically to not allow bitcoins. Why? For example, Second Life has Lindens, so they started to get overwhelmed with this... [possibility] (I'm not against Second Life or doing the same in Silverlight for business reasons.)
No joke: you want to be the first one to guarantee an optimization on JP2. If you already know the end-size then there is lots of bloat. Most implementations of JP2 are only generic proofs.
Hint: Remember 8 tracks? Patents expire...