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P-to-P network for video conferencing over the LAN



I am trying to
-capture and synchronize video and audio
-compress the captured data
-transport the compressed data using suitable protocols
-decompress the received data at the other end
-and finally playing it over the LAN.

So, which protocols should I use: H.323 or RTSP or anything else?
Which are the best suitable APIs for the above steps?
Also, tell me if I should proceed in some other way.

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