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PNG stands for Portable Network Graphics, and it is a popular raster graphics file format that supports lossless data compression. PNG was created as an improved, non-patented replacement for GIF, and is the most used lossless image compression format on the Internet. It supports a range of colors, including full-color and grayscale images, and also supports transparency, making it suitable for graphics, logos, and detailed artwork.

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.