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This paper introduces a robust point-to-point transmission scheme: Tetrys, that relies on a novel on-the-fly erasure coding concept which reduces the delay for recovering lost data at the receiver side. In current erasure coding schemes, the packets that are not rebuilt at the receiver side are either lost or delayed by at least one RTT before transmission to the application. The present contribution aims at demonstrating that Tetrys coding scheme can fill the gap between real-time applications requirements and full reliability. Indeed, we show that in several cases, Tetrys can recover lost packets below one RTT over lossy and best-effort networks. We also show that Tetrys allows to enable full reliability without delay compromise and as a result: significantly improves the performance of time constrained applications. For instance, our evaluations present that video-conferencing applications obtain a PSNR gain up to 7 dB compared to classic block-based erasure codes.