Technique which uses three memory area to process three frames at once. In comparison to the double buffering, now there is a third buffer: the first is displayed on the monitor, the second is ready to be displayed and the third is creating the next image. This is necessary to detach the fastest chips of the last generation from waiting times. This techniques implies an thrice amount of memory.
In computer graphics, triple buffering is a variant on double buffering, a technique for drawing graphics that show no (or less) flicker, shearing, and tearing artifacts.
If you don't have VSYNC locked, you don't care. VSync locking will slow down your framerate (but fix tearing issues), tripplebuffering will speed it up a little again (it counters the slowdown of VSYNC locking somewhat).
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