PNG, GIF, JPEG

GIF:
GIF images are compressed and are used to transfer across slow connections. It can be used for logos, line drawings and icons, and does not work in photographs. GIF stands for Graphics Interchange Format.
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PNG:
PNG is a better version of GIF with 24 bit in colour.The letters PNG stand for Portable Network Graphics. It is the third newest file format used today.
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JPEG:
JPEG stands for Joint Photographic Experts Group, and is best in photos and natural sceneries. It supports 16.7 million colours, but some details might be lost when resizing the image.

# What does the term "Lossy" mean?
Lossy is the term for jagged edges or pixelated areas.