Files with DWG extension represent proprietary binary files used for containing 2D and 3D design data. Like DXF, which are ASCII files, DWG represent the binary file format for CAD (Computer Aided Design) drawings. It contains vector image and metadata for representation of contents of CAD files.
A file with .TXT extension represents a text document that contains plain text in the form of lines. Paragraphs in a text document are recognized by carriage returns and are used for better arrangement of file contents. A standard text document can be opened in any text editor or word processing application on different operating systems. All the text contained in such a file is in human-readable format and represented by sequence of characters.
You can also convert DWG into many other file formats. Please see the complete list below.