Timewarp

Time warping is a technique in VR that reduces latency and increases Frame rate This process, called Post-rendering 3D warping, takes the already rendered image, modify it with freshly collected rotational and positional information from your HMD's sensors, then display it to your screen.

Without Time warping, your HMD would capture the data about the movement of your head, render the image based on this data (correct angel etc.), then display the image when the next scene is due to be on screen. In a 60 fps game, a new scene is displayed once every 16.7 milliseconds. With this process, each image you see is based on the head-tracking data from almost 17 milliseconds ago.

Time warping is a feature of Oculus SDK. It was initially released in the version 0.3.1 of the SDK.