How does Livepeer work?

Could you possibly explain in a concise manner how Livepeer operates? I'm particularly interested in understanding its core functionalities and the mechanisms behind its successful functionality. Could you elaborate on how it facilitates live video streaming and its integration with blockchain technology? Additionally, I'm curious about the role of its token, LPT, within the ecosystem and how it contributes to the overall functionality of Livepeer. Thank you for your assistance in clarifying these points.