The introduction seems quite clear on it being an alternative to H.264 and friends:
Traditional video codecs like H.264 and H.265 achieve impressive compression by discarding "imperceptible" visual information. But what if we could guarantee perfect reconstruction while still achieving meaningful compression? This project explores an unconventional approach: repurposing Bloom filters—typically used for membership testing—as a lossless video compression mechanism.
Further down comes the explanation for why this scheme might possibly work:
Rather than compressing whole video frames, this system applies Bloom filter compression to frame differences. This capitalizes on temporal coherence—most pixels change little (or not at all) between consecutive frames, creating a sparse difference matrix ideal for this approach.
Of course, using delta-frame compression has been a common theme of many video codecs for ages now, and many like H.264 and H.265 use additional techniques like motion estimation[1] to reduce the information in the delta frame further before final entropy coding step[2][3].
As such, the best is probably to view this as an alternative to the entropy encoding in H.264 or similar.
[1]: https://en.wikipedia.org/wiki/Motion_estimation#Video_coding
[2]: https://en.wikipedia.org/wiki/Context-adaptive_variable-leng...
[3]: https://en.wikipedia.org/wiki/High_Efficiency_Video_Coding#E...