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NTUStreaming is an overlay P2P-based IPTV system that integrates innovations in both overlay networking and video coding for optimal user experience. The system consists of three key components: partnership formation, robust video coding, and video segment request scheduling. For partnership formation, a graph construction mechanism TYPHOON based on epidemic algorithms is developed to reduce disconnect time and isolated peers. For robust video coding, a multiple description coding (MDC) scheme with spatial-temporal hybrid interpolation (STHI) is proposed to adjust streaming traffic according to the bandwidth and device capability of each peer. For request scheduling, an optimization algorithm is developed by taking the available bandwidth and the video segment type into account. Experimental results show that NTUStreaming is able to deliver optimal video quality in lossy and dynamic networking environments.