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The TIF (Tagged Image File Format) is used to store multiple images in one file, supporting both 8 and 16 bits per channel for up to 48 bit images with transparency. It is commonly used as a container for multiple images before transport, enabling easy editing at a later time. TIF files are typically left uncompressed to maintain image quality, but also offer two lossless compression options. The format's advantages include support for varying transparency and the ability to store multiple images together efficiently.