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Information about PNG
File extension
png
File category
Raster image file
Stands for
Portable Network Graphics
Developer
PNG development Group(Donated to World wide web Consortium/ W3C)
Overview
These files are commonly termed as ‘ping' and they store the raster files using lossless compression. It came into existence in order to replace the GIF file format as they both have the ability to show transparent backgrounds. Furthermore, it was an enhanced and improved version of Graphics Interchange format. It supports different types of photos. The first one is palette-based photographs that can either have palettes of 24-bit RGB or 32-bit RGBA colours. Second is grayscale images which may or may not have an alpha channel for transparency. Lastly, there is a full-colour non-palette which is based on RGB/RGBA pictures. There is one limitation of this type. It does not support animation like GIF. Besides this, it is non-patented which means there are no copyright limitations.
Technical description
The expanded features like 8- bit channel for transparency and 24- bit RGB support make PNG more popular. The files stores in this format allow the fading of colours from opaque to transparent which is not present in the preceding format. CMYK does not offer support to this extension as it was developed for transferring of files over the internet, not for professional-quality print graphics. It stores information like textual comments, integrity checks and encoded basic pixels in its extensible structure of chunks. It always starts with an 8-byte signature followed by a series of chunks. A chunk furthermore comprises of four parts- length (4 bytes), chunk type (4 bytes), chunk data (length bytes) and CRC- Cyclic redundancy checksum or code (4 bytes).
Links
wikipedia.org

Information about JPG
File extension
jpg
File category
Raster Image
Stands for
Joint photographic experts group
Developer
The JPEG group
Overview
Files stored in this format are small in size that is why they can be uploaded and downloaded with ease. It takes less time over the internet to upload and download due to smaller size which results in saving of bandwidth. This extension is compressed using a lossy algorithm that is why there can be a reduction in the quality of the photograph. It has the ability to compress the file to one-tenth of its original size. It is widely used in emails and also when images are to be posted on websites. Digital Cameras and other photographic image capture devices widely use this JPG format. The paintings and photos of realistic scenes that have smooth variations of colour can be best illustrated by this format.
Technical description
A technique used in JPEG format to compress files is lossy compression which is based on DCT (Discrete Cosine Transform) as it is the most practical Mathematical operation. The DCT actually converts each frame of the video from the spatial domain to a frequency/transform domain. It discards the information of high frequency that has sharp transitions in intensity as well as in colour hue. Furthermore, this standard defines a codec which tells how an image can be encoded into a stream of bytes and decoded back into an image. The files can be compressed in the ratio of 100:1 but that would result in the poor quality of an image. Therefore, to retain the quality of a photo, a file should be compressed till 20:1 ratio not more than that.
Links
wikipedia.org