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JPS is one of the most widely used image file formats, favored for its efficient lossy compression algorithm that significantly reduces file size while maintaining a high image quality. It is commonly used for photographs and web graphics; however, the lossy nature of its compression means that some image quality is sacrificed, and this loss can be exacerbated with repeated editing and saving. JPG files support 24-bit color, allowing for a broad spectrum of colors, but they do not support transparent backgrounds.

ICO is a file format used to store icons on Microsoft Windows. It supports images of various sizes and color depths, and it can contain multiple images within a single file, allowing icons to be displayed in different resolutions and color depths depending on the user’s settings. While ICO files are essential for creating application and file icons in Windows, they are less commonly used for other purposes due to their specific functionality and limited support on non-Windows platforms.