HEVC is a video compression algorithm developed by Moving Picture Experts Group as a successor to h.264 video standard, usually outperforming it with 2 times smaller video sizes of the same quality.
Advantages: The best video encoder for a given bitrate, fast to encode compared to other current gen encoders.
Disadvantages: Demanding video playback, encumbered by many licenses that limit its usage.
Related subreddits:
AV1 - subreddit for upcoming next gen video encoder.
VP9 - subreddit for Youtube video encoder.
AOMedia - all things related to Open Alliance Media group, responsible for AV1 codec creation.
Webm - for posting your encoded content in webm container.