This file format is used as a canvas (background) in a variety of image editing software in order to set the main color of the image. It is used to fill the canvas with one solid color. It belongs to the group of 'pseudo-image' file formats. It can be used for the fill color, which is chosen from the selected area in a particular image.
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.