Format name: PNG (Portable Network Graphic)
Compression algorithm: Deflate (lossless)
Color depth: up to 48 bits
Png file format is a comparatively new progressive format originally designed to replace dated Gif. Png format has got a set of new features that Gif lacks.
Png also performs a lossless compression with the help of Deflate algorithm (read more about Deflate algorithm here) and supports interlaced mode. The format handles 256 transparency levels (that means that images might be partially transparent). The fact, that the format supports color depth up to 48 bits and performs a lossless compression, makes possible to hold photorealistic images. They won’t lose its quality while compressing and decompressing.
Png format is used specially for networking.