1. A computer-implemented process for compressing video data comprising sequential sets of contemporaneous video frames wherein the video frames in a set depict substantially the same scene from different view points, said process comprising: using a computer to perform the following process actions: designating a plurality of keyframes for each set of contemporaneous frames; and for each set of contemporaneous video frames in time sequence order, compressing each video frame that is not a keyframe using a combined chaining and spatial prediction compression technique, wherein chaining refers to each non-keyframe being compressed using one or more frames that have viewpoints immediately adjacent the non-keyframe as reference frames for carrying out the spatial prediction compression technique, regardless of whether they are keyframes or non-keyframes, and wherein whenever a non-keyframe is employed as a reference to encode another non-keyframe the non-keyframe employed as a reference is itself encoded using one or more other frames, exclusive of the non-keyframe using the non-keyframe employed as a reference, which have viewpoints immediately adjacent that of the non-keyframe reference as reference frames for carrying out a spatial prediction compression of the frame.