As I am new to this concept I have no idea about it. I referred to HTTP Live Streaming, draft-pantos-http-live-streaming-01 and HTTP Live Streaming Resources, but it did not help him much. What is the best site?
Well, A good description can be found at Wikipedia:
https://en.wikipedia.org/wiki/HTTP_Live_Streaming
HLS Basically takes an incoming Live-Stream and segments it into small parts. There can exist multiple Versions of each part with different Resolution, Quality, Codecs etc. The Stream parts are indexed in a Playlist File and offered through a Server which can assign the request to the referring part. The Client must update the List periodically. If the Client requests one of the indexed Files the Server will return the File if existing.