All registered TTY devices that are present in the kernel are found under /sys/class/tty.
The most important data structure to implement a TTY driver is the struct tty_driver which is found in include/linux/tty_driver.h.
PTY
The PTY is a pseudo TTY: the physical serial connection is replaced with a in-memory software. Thus, it virtualizes a computer's serial communications hardware.
Flip buffer
A flip buffer contains two input buffers. One buffer is used to store data from the TTY while the user reads from the other buffer.
These buffers flip their role when the input-buffer becomes full or the user flushes it.
TODO
VT (as in VT100) stands for video terminal (as opposed to the paper based TTYs).