sRGB is the most widely used color space and is the default for most systems, and noticeably the web. It was proposed in 1996 as a standard color space of the web. sRGB was designed to match the average CRT monitor characteristics at the time.
Short-coming
The sRGB color space lacks many of the color visible by the average human eye (limited gamut). It also lack perceptual uniformity, meaning that changes in the color’s chromaticity also change its perceived lightness 1
Above image from High definition CSS color guide