Hi Vishnu,
> 1. Which one of these is used as a default format for compression/decompression ?
There is no default format.
But as a first step, I recommend "Frame Format" for interoperability and ease of use. And also you can encode/decode Frame Format file with standard LZ4 command line utility. It's quite useful for debug and testing :)
If you want to write an advanced application which has specific limitations (e.g. tight working memory/bandwidth/size/speed budget), use "Block Format" to satisfy your condition.
> 2. How to manually choose one format among this ?