PNG : (portable network graphics) is used for file compression. it is widely used on the internet and web pages. it was created to imporve or even replace GIF format. this is a very clear image.
they are not restricted to the 256 colour limitation GIF files are.
JPEG:(joint photographic experts group) is also used to compress photographic images. they are not limited to a certain amount of colour. these are one of the most common type of pictures on the internet. although some quality is lost when the file is compressed.
GIF: (graphics interchange format) it is limited to a certain amount of colors but it is more effective for scanned images. it is used for storing graphical images. these are the most popular type of image on the web.
LOSSY: compression that results in loss of quality or data from the original image. it is usually used with JPEG but can also be used with audio files such as MP3. it may result in pixelation or jagged edges. Audio may become watery or reduce the dynamic range of the audio.