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.
TIFF (Tagged Image File Format) is a standard computer image file format used for saving raster graphic images. It was first developed for desktop publishing by Aldus Corporation, which was later acquired by Adobe Systems in 1994. Interestingly, TIFFs can store information in lossless format and also supports the LZW compression algorithm for reducing the file size.