Lossy and Lossless:
Lossy is a data encoding method used to compress pictures to save more memory. It does this by getting rid of some of the memory in the file, distorting it, but making it so there is a lot less memory being used by the file, an example of lossy is bellow:

84% less information than uncompressed
9.37 KB
92% less information than uncompressed
4.82 KB

98% less information than uncompressed
1.14 KB
Lossless: lossless is a way to restore all data lost from the process of lossy, this is useful as you may have accidentally done a lossy on your file, or you have made more memory available, you can restore a picture you like.
84% less information than uncompressed
9.37 KB
92% less information than uncompressed
4.82 KB
98% less information than uncompressed
1.14 KB
Lossless: lossless is a way to restore all data lost from the process of lossy, this is useful as you may have accidentally done a lossy on your file, or you have made more memory available, you can restore a picture you like.