The PNG image format (Portable Network Graphics) is a popular file format used for storing images. It was created to replace the older GIF format and supports lossless compression, meaning that images retain their quality even after being saved multiple times. PNG files can handle transparent backgrounds, making them ideal for web graphics and logos. PNG supports a wide range of colors, including 24-bit color and 8-bit transparency. This versatility allows for high-quality images suitable for various applications, from digital art to web design. Additionally, PNG files are widely supported across different platforms and software, ensuring compatibility for users.