This format is used as the color palette format for a variety of operating system image editors. It is used to store font templates in text and graphic editors. It allows you to change color intensity and transparency levels.
PNG is a raster graphic data storage format that uses lossless compression algorithm to Deflate. PNG was created as a free format to replace GIF. PNG supports three main types of raster images: grayscale image, a color indexed image and the color image. PNG format stores graphical information in a compressed form.