The problem of the classification of the extensions of the Virasoro algebra is discussed. It is shown that all H-reduced G(r)-current algebras belong to one of the following basic algebraic structures: local quadratic W-algebras, rational U-algebras, nonlocal W-algebras, nonlocal quadratic WV-algebras and rational nonlocal UV-algebras. The main new features of the quantum Ir-algebras and their heighest weight representations are demonstrated on the example of the quantum V-3((1,1))-algebra.