W3C Recommendation 01-October-1996. This document describes PNG (Portable Network Graphics), an extensible file format for the lossless, portable, well-compressed storage of raster images. PNG provides a patent-free replacement for GIF and can also replace many common uses of TIFF. Indexed-color, grayscale, and truecolor images are supported, plus an optional alpha channel. Sample depths range from 1 to 16 bits.

http://www.w3.org/TR/png.html