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Streaming live video over peers in the Internet is gaining popularity since it has the advantage of reducing the load on the server and enable the server to perform other specialized services more effectively. Further it reduces the server bandwidth and is therefore no longer a limiting factor for the number of clients served. A architecture for streaming stored video over peer-to-peer network is proposed in this paper. While a given peer continues to receive segments of the stream, simultaneously caching these segments locally renders this peer to in turn act as a source for other peers. These peers are highly transient in nature and the exit of a peer from the network results in loss of video segments and overcomes this in our architecture by exploiting the inherent redundancy of FEC channel coding of video streams. Through simulations the novelty of our architecture and show that our proposed solution incurs minimum overhead on the peers and does not increase the playback latency much more than the jitter buffer latency is established.