In the dynamic environment of a technology company, the development team faces a critical decision regarding the selection of a data format for storing and transmitting information between applications. The team is engaged in a lively debate, weighing the pros and cons of text$-$based formats like JSON or XML against binary formats such as Protocol Buffers or MessagePack. How would the development team navigate the decision$-$making process when choosing between text$-$based formats $($JSON or XML$)$ and binary formats $($Protocol Buffers or MessagePack$)$ for data storage and transmission in the technology company's ecosystem? Frame your answer by considering the specific use cases, advantages, and challenges associated with each format. Assess Performance Implications, Interoperability and Development Ease for each format.