Real-time data compression at scale

The year is 1993, and Phil Katz releases its hugely successful compression algorithm, deflate, commonly known as Zip. Thanks to openness and efficiency, served by an excellent industry-grade reference implementation, it is deployed and used within almost every system nowadays. Few pieces of code can claim such longevity, even with trade-off rightly designed for its era. This year is 2016, and the computing world has changed quite dramatically in the past two decades. Could these changes be taken in consideration to create a new, and unconditionally better, algorithm?