Currently it's under development and Red5 team is working very smartly to add new features. It's an alternate of Flash Communication server, which is not open source. With red5, You are able to use the Shared Objects, can publish live streams and the concept of Remoting.
Red5 uses the RTMP( Real time messaging protocol), developed by Macromedia to stream audio and video over web.
One can develop very killer Audio/Video conferencing application using Red5. I have explored the Red5 api, If we ignore some minor bugs in the system,Red5 is very impressive.
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