Intraframe or I-frame compresses each image/frame without considering the images that precede or follow it. E.g. If a video has a frame rate of 24 fps, then each frame is compressed separately.
On the other hand interframe codecs choose a certain 'set' of frames and uses 'similar' information from subsequent frames to further compress data. Examples are MPEG-2/DVD, h.264, etc. Simply put, the main frame in each set is the key frame.
If every frame is a key frame, then you have an intraframe codec!
All things being equal, intraframe is better than interframe. On the other hand, interframe codecs are smaller in size, hence are used almost exclusively in consumer video channels like DVDs, blu-ray, Internet, broadcast tv, etc.
For more detailed info, try my explanation
Here. Hope this helps.
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