GIF (Graphics Interchange Format) is a form of bitmap image developed by CompuServe in 1987. Typically, GIFs use a lossless data compression technique for a reduced file size without sacrificing the image quality. GIFs are generally used to save low-resolution video clips and small animations for streaming over the internet.
PNG (Portable Network Graphics) is a raster image file format released in 1996 as a replacement for JPEG. That said, PNG uses lossless compression that gives it a small file size while still maintaining the original image quality. Today, PNG format is widely used to share image graphics over the internet and is supported by programs like Paintshop Pro, Adobe Photoshop, Microsoft Paint, Apple’s Preview, etc.