ProRes

ProRes are a set of reasonably efficient, reasonably universal, color-accurate i-frame codecs.

As to their advantage, it depends what you're comparing them to and how you plan to use them.

First off, the only disadvantage is they take up more disk space. Otherwise, they are visually lossless so, not much generational difference and they edit really smoothly. If you are receiving h.264/5 to edit with, transcoding to ProRes is a very good way to go. Those files are smaller but they have to be decompressed / expanded at play time. It takes up a bunch of your computers horsepower.