EPS is a file extension for a graphics file format used in vector-based images in Adobe Illustrator. EPS stands for Encapsulated PostScript. ... It also usually contains a bit map version of the image for simpler viewing rather than the vector instruction
when we create a mask, we isolate and protect areas of an image as you apply color changes, filters, or other effects to the rest of the image. You can also use masks for complex image editing such as gradually applying color or filter effects to an image
A color depth of 8 usually means 8-bits per channel (so you have 256 color values - or better: shades of grey- per channel - from 0 to 255) and 3 channels mean then one pixel value is composed of 3*8=24 bits.
You can smooth the hard edges of a selection by anti-aliasing or feathering. Anti-aliasing smoothes the jagged edges of a selection by softening the color transition between edge pixels and background pixels.
A PNG, or portable network graphic, is an image type that's commonly used in web design to provide a transparent background and/or a semi-transparent image.