Hey guys, I have a question!!(☆^O^☆) I know maybe this sounds stupid but I'm not an experienced artist. （ｖ＾＿＾）

I'm confused about the differences between PNG and JPG/JPEG.(◎_◎;) Seems like people are so happy about the new image format (PNG). They were talking about higher quality, etc, but I don't really get it. (゜-゜) I know PNG supports transparency and JPG does not, but that's the only difference I know. (‘◇’)?