REDCODE
All current Red cameras record only in the REDCODE RAW codec. The codec offers a constant-bitrate wavelet compression with a compression ratio from 18:1 to 3:1. When it was introduced by Red the codec was the first to allow high bit depth Bayer sensor video data to be recorded to CompactFlash, mechanical hard disk or SSD media instead of a big external storage system. Being a lossy codec, decompression does not fully restore the original image data recorded by the sensor. Red claims the codec is "visually lossless", suggesting that the information loss is not visible to the naked eye when images are viewed. Since Redcode is a wavelet based codec, it is possible to extract lower resolutions from the video stream to get real time playback on lower end machines.
Having a video stream that offers the same advantages of a raw image, it is possible to apply all kinds of image processing like white balancing, sharpening, gamma or exposure correction in a non-destructive manner like photographers do with their raw images.
Read more about this topic: Red Digital Cinema Camera Company