Alan has done a great job of explaining the favicon. I will just put in my 2¢ to say favicons are unique in that they have various layers so they can display properly in a browser "address bar") on desktops, and bookmarks etc.
Many Website's builders provide a way to insert your image and they will automatically generate the favicon. Our Webhost "Homestead" has that service, WIX also provides favicon creating, Square Space I believe uses their own favicon but provides directions as to how to replace it with one particuliar to your website (HLAA's). If at all possible use the .png format.
The image available for download is in the png format. Unfortunately, it is a few pixels from being perfectly square but seems to display okay. -- Alan Katsura Moderator HLAA Tech Group