What is the history of Livepeer?

Could you elaborate on the historical development of Livepeer? I'm particularly interested in understanding how it emerged as a solution for scalable video streaming. I've heard rumors of it originating as a project with ambitions to revolutionize video delivery, but I'd like to hear the full story. Did it start as a small idea or was it always envisioned as a major player in the crypto and video streaming space? What were the key milestones in its journey, and how has it evolved to become what it is today? I'm also curious about any challenges it faced along the way and how it overcame them.