What are the differences between TIF and PNG file formats, and which one is better for preserving image quality?

The main difference between TIF and PNG file formats is that TIF is a lossless format, meaning it retains all image data, while PNG is a lossless format that compresses image data. TIF is better for preserving image quality as it does not compress the image data, making it ideal for high-quality prints or editing. PNG is better for web use or images with transparency, as it supports transparency and smaller file sizes.