R3D (REDCODE RAW), is a proprietary video file format developed by Red Digital Cinema Camera Company. It is used as native recording format of Red digital cameras. It support 4K, 5K, even 6K captures. As a raw foramt, it stores each of the sensor's color channels separately, settings as white balance, exposure, and grading are appended to the file as metadata. REDCODE compresses video using wavelet technique, silimar in JPEG2000. This has some advantages over macro block based technique such as H.264, for example, it is very easy to get a low resolution version of the video.
Editing R3D files in Adobe Premiere/After Effects, Sony Vegas Pro, Final Cut Pro, etc is a quite easy job since R3D is compatible with these powerful editors.