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Let's start with two concepts:

256 colors: The image contains a maximum of 256 colors, and only 1 bit of transparent channel, in other words, a pixel only transparent and opaque two states. Common examples are GIF and PNG-8.

True color with α-channel (8-bit transparent channel) : In addition to the increase in the number of colors, the most important is the introduction of translucency, a pixel can have 8 bits (2^8=256) transparent state. A common example is PNG-24.