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JPEG, short for "Joint Photographic Experts Group," is a commonly used image compression format that can provide high-quality images while maintaining relatively small file sizes. JPEG files can contain 24-bit RGB color images and 8-bit grayscale images, and can be used for creating and editing in many different applications, including Adobe Photoshop, GIMP, and Microsoft Paint.
PNG is a lossless compressed image file format that supports transparent backgrounds and high-resolution images. It provides high-quality images without taking up too much bandwidth, so it is widely used on the web. It contains 24-bit RGB color images, 8-bit grayscale images, and 24-bit images with alpha channels, and supports multiple color spaces, including sRGB, Adobe RGB, and grayscale. It can be created and edited in many different applications, including Adobe Photoshop, GIMP, and Microsoft Paint.