Due to the growth of internet media entertainment, video streaming has gained popularity in todays media streaming.An increased demand of both live and on demand video streams has increased internet traffic and poor video quality.Most media streaming applications rely on Unicast which a client server model that is affected by overloading and lack of scalability.Decentralized systems have implemented multicast streaming for efficiency communication mechanisms.It has been used to overcome the consequences of unicast systems.The implementation of decentralized multicast streaming has also worried the internet service providers when it comes to bandwidth issues.Measures have been deployed to reduce the bandwidth consumption through multiple video resolutions streaming.In this work we present a Peer assisted network architecture which minimises video trafficking using a multicasting mechanism for reducing overloading and scalability of video streams.We discuss Real Time Media Flow Protocol (RTMFP) to ensure network efficiency and secured communication.Peer assisted multicast streaming is investigated in Adobe flash Platform using Real Time Media Flow Protocol to reduce on bandwidth consumption and improve network efficiency during live video streaming.A real time video stream is distributed by Adobe Flash Media Server (FSM) to the clients and clients are also granted a permission to publish the same video content to each other,thereby reducing the bandwidth payload on the server.The demonstration consists of a series of practical analyses of video packets delivery in different resolutions in real world internet.The results in this thesis show how peer assisted multicast streaming reduces the load on a server and traffic in a network.