JPEG, Joint Photographic Expert Group
Can store millions of colors/The lossy format can be control through an image editor
GIF, Graphic Interchange Format
A bitmap format that can store up to 256 colors and can contain animation
PNG-8, Portable Network Graphics 8-bit
Can contain up to 256 colors
PNG-8, Portable Network Graphics 24-bit
24 can contain up to 24 bits per channel including alpha channel and transparency