GIF is one of the most common raster image formats. Its name is an abbreviation for Graphics Interchange Format File. The developer is the CompuServe organization. A feature of this particular image format is its ability to support the animation function. You can edit animated GIFs in different programs (for example, Easy GIF Animator). Animation is achieved due to the fact that a file of this format carries in itself in a certain sequence several raster images at once. With a depth of up to 256 colors, significant data compression in GIF files is possible without loss of quality.
PNG is a raster image format developed by PNG Development Group. The name PNG is an abbreviation for Portable Network Graphic. This image format is used primarily on the Internet for posting on web pages, since PNG files use Deflate compression without losing quality. The development of this format was undertaken in order to replace the GIF format, to which there were many complaints. PNG's image quality and specifications were much better, but unlike GIF, it does not support animation and uses the CMYK palette.