GIF Format:

☛ - LZW compression standards are used in GIF images.

☛ - Traces the colors of the image and reduces the size of the file.

☛ - Best suited for simple animated graphics on the web.

PNG Format:

☛ - PNG(Portable Network Graphics) is a graphic file format for lossless compression.

☛ - It is suitable for raster images storage.

☛ - Indexed-color, grayscale and true color images are supported in PNG format.

☛ - Supports cross platform image brightness and color correction.