This image format takes up very little storage space and is quick to upload or download. JPEG (Joint Photographic Experts Group) was created in 1986. JPEG and PNG are the two most commonly used image file formats on the web, but there are differences between them.
Gamma correction allows tuning of the image’s color brightness required by specific display manufacturers.
Typically, an image in a PNG file can be 10 percent to 30 percent more compressed than in a GIF format. A PNG file is not intended to replace the JPEG format, which is 'lossy' but lets the creator make a trade-off between file size and image quality when the image is compressed. Like a GIF, a PNG file is compressed in lossless fashion, meaning all image information is restored when the file is decompressed during viewing. PNG has almost entirely replaced the Graphics Interchange Format ( GIF) that was widely used in the past. PNG (Portable Network Graphics) is a file format used for lossless image compression.