Kind of reminds me of SubSpace. I think, it has been a very long time since I've played it.
The netcode in subspace was a bit better, probably due to needing to deal with 200ms+ pings that were common back in that era.
Subspace Continuum is an anti-hacking fork released in 2001 (Subspace was released in '95) and is now the only official version of the game.