PNG

Stands for Portable Network Graphics. It is a raster graphics file format that is widely used for images on the internet. PNG was developed as a more efficient alternative to the GIF format and supports lossless compression, meaning that it retains all the original image data when the file is compressed.

Pros:

Image quality does not change with any compression level.
Convenient for intermediate versions of images, since the quality does not deteriorate after editing and re-saving.
Mains a high-contrast pixel-by-pixel image of the screen in screenshots without merging adjacent pixels.
Uses the maximum possible number of colors: 256 colors for web graphics (PNG-8), 16 million for full-color (PNG-24) and grayscale images.
Supports multi-level transparency, which allows you to create transparent gradients, the effect of casting a shadow on adjacent elements on a web page. PNG files are great for logos, graphics, and photographs that need to be conveniently overlaid on multi-color images.
Contains metadata (EXIF) that secures copyright.
Keeps web graphics small in size, which speeds up website loading.
Allows you to work with layers.

Cons:

PNG saves full-color images, such as photos and illustrations, in larger sizes than equivalent .jpeg, .tiff, or .gif files.
The PNG graphic format is not suitable for animation, is not intended for printing, is designed specifically for web images, and does not support the CMYK color model.