There are two versions of GIF both created by Compuserve. The earlier GIF 87a and the enhanced 89a which stored multiple images (thus allowing animation), and interlacing.
GIF files are probably the most popular on the web being used in logos and any color images with 256 or fewer colors. For images containing text GIF tends to be better than JPG because the files tend to be smaller and JPG files usually have some degree of compression and this can make text blurry.

