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P2P might not be the best method for live streaming. I build a FLOSS live streaming platform that uses HLS, and latency via Cloudflare CDN matches Twitch. That is just a growing uncachable playlist with timestamped cachable segment files. It can simultaneously syndicate out to multiple networks like Twitch, YT, and FB.

That's not really accurate, Ace Streams (live TV over BitTorrent) are very popular for live sport matches. It's not open source though :/

Tribler offers FOSS P2PTV, but it's not widely used.

They exist, particularly as Kodi plugins.

free? like what?

It's like a bizarre network of bad pirate streams, when one goes down someone starts another. Kodi plugins in this context generally just refer to pirate streams.

Torrents: downloading is a lot easier than simultaneous live streaming to many people; this is why many streaming sites moved from something like RTMP to HLS/DASH/etc - instead of a persistent connected stream, they just upload small video files

Plexus and Sparkle are the Kodi plugins you want, it scrapes the *Streams subreddits for Acestreams.