This document discusses different image compression formats including GIF, PNG, JPEG, and MNG. It provides details on each format such as the algorithms and applications used. GIF uses LZW lossless compression while JPEG uses lossy compression to reduce file sizes. PNG also uses lossless compression with DEFLATE and prediction algorithms. The objective of image compression is to reduce file sizes by eliminating redundant image data through either lossy or lossless compression methods.