The Graphics Interchange Format, commonly known as GIF, is a bitmap image format that supports both static and animated images. Developed by CompuServe in 1987, it uses lossless compression to maintain image quality while reducing file size. GIFs are widely used on the internet for simple graphics, logos, and short animations due to their small size and broad compatibility. One of the key features of GIFs is their support for a limited color palette of up to 256 colors, which makes them suitable for simple images but less ideal for complex photographs. Additionally, GIFs can include transparency and looping animations, making them popular for memes and social media content.