1. A peer-to-peer (P2P) live streaming system, applicable to a P2P network, said P2P network having a content provider and a plurality of peers viewing a same live stream channel, each of said plurality of peers having said system, and said system comprising: a token manager module for managing at least a token; a P2P module for handling P2P messages among said plurality of peers and maintaining the structure of said P2P network; and a recording manager module for publishing information of recorded video stream content via said P2P module to said P2P network; and managing a buffer of said peer and for recording video stream content to said buffer according to command of said token manager module; wherein said token manager module notifies said recording manager module to publish information of recorded video stream content and to record stream data.