CR2 file contain uncompressed and untouched raw image data from Canon cameras. These raw files are also sometimes called digital negatives. The purpose of raw files is to get maximum information from the sensor of the camera to give possibilites to adjust the image later (e.g. white balancing and color grading).
ICO is an image file format that can contains image icons. ICO is used in Microsoft Windows Operating systems to contain the icon files. It typically contains bitmap images. Also ICO files are used in websites as favicon. It supports 24 bit colors images.
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