PNG (Portable Network Graphics) is an image file format that uses lossless compression, meaning that it compresses images without losing any quality. It was created as an improved replacement for GIFs and has become widely used on the Internet. PNG is supported by all major web browsers, including Chrome, Firefox and Safari.
PNG supports a wide variety of color depths and transparency options, making it ideal for logos, graphics or icons with transparent backgrounds. It also supports metadata such as EXIF information (camera settings). This makes it useful not just for web graphics but also digital photography files.
In terms of cryptocurrency usage, PNG files can be used to store wallet address QR codes which are scanned by users when sending or receiving funds from their wallets in order to avoid typos or copy/paste errors. Additionally, most cryptocurrency exchanges accept deposits via bank transfers using a method known as SEPA Transfer which requires users to upload their ID documents in the form of a PNG file before they can start trading assets on the exchange platform. Finally, many blockchain-based projects use images stored in PNG formats when designing their websites or white papers since this allows them to easily embed high-quality visuals into various documents while preserving clarity and resolution at the same time.
