Google, Microsoft, Mozilla and the engineers that are in charge of the Webkit project announced their intention that they have come together with one mind to launch a new binary format for compiling various application for the web which they called WebAssembly.
By made or default, the web transient on standard, for all we know JavaScript is the programming language behind the web. And for the time past, the effort of programmers to work around the limitation of JavaScript by innovating different compilers that shows code in other languages to JavaScript were unquantifiable. Majorly, most of these projects concentrate on adding additional features to the language like the Microsoft TypeScript or like speeding up the JavaScript by Mozilla asm.js but now, many of these projects are now coming under the same umbrella which is called the WebAssembly.

JavaScript and WebAssmbly

The new idea is to allow programmers to compile their code which is for now based on the C\C++ alongside some other languages and then executed within the JavaScript engine. By default, the codes need to be parched which might take some few minutes but now with the newly innovated WebAssembly, the code would be decoded faster compared to the previous method.

The brain behind it is that, WebAssembly will serve as a tool to the developers with one compilation target for the entire that will end up becoming the web standard that will be implemented on all browsers.
JavaScripts are known to be simple texts that are downloaded from the server, parsed and then compiled by the same JavaScript engine in web browser. And now, with the WebAssembly binary format, code will be more compressible in a better way than that of JavaScript using the current prototype.

Taking the step gradually, WebAssembly team aims to project the same functionality as asm.js and the developers will at the same time be able to use the same Emscripten tool for WebAssembly just like the same way they did with asm.js.
For any browser without native WebAssembly support to be able to translate the WebAssembly code into JavaScript, WebAssembly teams are coming up to launch a polyfill library that can easily translate the WebAssembly code to the normal JavaScript code and as time goes on, the team will build more tools like compiler, debugger and then focus on support for more programming languages like C#, Rust, Go.

The main idea is not to replace JavaScript with WebAssembly but to bring in more languages to be compiled for web and at a faster speed. There is a chance that, both JavaScript and WebAssembly are doing the great work abreast. Meaning that, the new innovation will base on JavaScripts and WebAssembly.

The area that caught across my heart is that, this is not common among browser vendor working together in this form and thus, it calls for attention for what is to be expected in months and years to come.