The Full Form of PNG is Portable Network Graphics. It contains a bitmap of indexed colors that is compressed with lossless compression similar to a .GIF file. PNG file format is .png. PNG files are mostly used to store web graphics, digital photographs, and images with transparent backgrounds. It uses a less compression technique to save images without any copyright issues.
PNG has better quality than JPEG because JPEG uses lossy compression, whereas PNG uses a lossless compression. PNG gives a good quality image while JPEG doesn't give that kind of stuff.
Following are some other full form of png used by people but depend on topic.
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