GIF is a bitmap image format that developed by a team at the online services provider CompuServe in 1987. It has since come into widespread usage on the World Wide Web due to its wide support and portability.
Technical Specifications
LZW lossless data compression. Limited to 256 colors per frame. Supports simple animation.
Advantages
Simple animation support, good for simple graphics and logos with few colors.
Disadvantages
Limited color palette (256 colors), large file size for animations compared to modern formats (WebP, MP4).