What does graphics interchange format mean?

Graphics Interchange Format (GIF) is a bitmap image format widely used for its ability to support both static and animated images. Developed by CompuServe in 1987, it employs lossless compression to reduce file size while maintaining image quality. GIFs are characterized by their limited color palette of 256 colors, which makes them suitable for simple graphics and animations but less ideal for complex images. The format has become popular for sharing short animations and memes on social media platforms.