The IEEE approved the new standard for IEEE 1394 (FireWire) that will support faster data transfers, better compatibility and improved serial bus interface. The new IEEE 1394-2008 specification will introduce S1600 (1.6Gbps) and S3200 (3.2Gbps) standards. The new standards will be fully backward compatible with S400 and S800 standards. It is largely believed that the new S3200 standard will make FireWire competitive with upcoming USB 3.0 standard that will reach 4.8Gbps data transfer speed. The IEEE 1394-2008 specification will become available in October, where as the USB 3.0 specification is expected to be published by end of this year.