It's a generic abstraction for the logic and styling of elements that pop out from the flow of the document and float next to a reference element, overlaid on top of the UI. 

• Smart: optimized positioning engine for flipping and overflow prevention
• Universal: works with mouse, keyboard, and touch inputs
• Accessible: WAI-ARIA compliant
• Themeable: style via custom CSS, includes extra themes and animations
• Typed: TypeScript support out of the box

All information, demos and functionality can be found on https://atomiks.github.io/tippyjs/ and in the WB descriptions.

Tippy.js by default have some properties settings already defined. (See JS line 317)
To override settings for all the balloons edit BalloonJS Script (Ex: Hide Arrow), for edit a specific balloon use Advance format JSON/Text Input.
https://atomiks.github.io/tippyjs/v6/all-props/

tippy.js v6.3.7 (c)
2017-present atomiks
MIT License