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I would imagine the limiting factors would be bandwidth and compute - I imagine discord offloads some of the processing on their servers to make sharing such a smooth experience, while services like Twitch intentionally introduce delay to make stream sniping more difficult.
So for OBS, the most difficult part of having a low latency stream to another person is having a strong, speedy connection, and a beefy enough gpu/cpu to handle the encoding quality necessary.
have tried running am rtmp server, for some reason even on my local network and very low res/quality it was awfully slow sadly.. :/