Fixing Screen Tearing on Linux Mint 17.3

I’m on Nvidia GF770 GTX, there is a decent, though proprietary, driver for my GPU from Nvidia but what bothers me a lot is that even despite having the correct driver with 3D-capabilities, able to run demanding 3D games I am still having a trivial issue of screen tearing in games and videos.. I have tried to enable V-Sync wherever I found the setting to no effect: still the same ugly tearing all over the video or a game scene.

After some research on the topic I decided to give Compton a try and because it has resolved the issue for me I stopped at this solution, here is the detailed guide on how to set this thing up: