what are the algorithm differences between JPEG and GIF?

Question

I am currently doing an assigment and cannot find the answer to this question..as Algorithm is supposed to mean (solving problems as such)

Answer 1

The main difference is that JPEG uses a lossy algorithm, and GIF uses a losless algorithm (LZW). In addition, GIF is limited to 256 colors, while JPEG is truecolor (8 bits per color per pixel)