VC-2 is an intra-only wavelet-based ultra low latency codec developed by the BBC years ago for exactly this purpose. It is royalty free and currently the only implementations are in ffmpeg and in the official BBC repository, and are CPU based. I am planning to make a CUDA accelerated version for my master thesis, since the Vulkan implementations made at GSoC last year still suck quite a bit. I would suggest people to look into this codec