How WebRTC Works
This document provides a quick and abstract introduction to WebRTC. In order to get more information about WebRTC please look at the Further Reading section at the end of this document.
WebRTC
WebRTC(Web Real-Time Communication) is a set of technologies that is developed for peer to peer duplex real-time communication between browsers. As its name mentions it is compatible with Web and it is a standard in W3C One of the important feature of WebRTC is that it works even behind NAT addresses.

WebRTC uses several technologies to provide real-time peer to peer communication between browsers. These technologies are
* SDP (Session Description Protocol)
* ICE (Interactivity Connection Establishment)
* RTP (Real Time Protocol)
There is one more thing which is Signalling Server is needed for running WebRTC. However, there is no defined standart in implementing signalling server. Each implementation creates its own style. There will give some more information about Signalling Server later in this section.
Let's give some quick info about technologies above.
SDP (Session Description Protocol)
SDP is a simple protocol and it is used for which codecs are supported in browsers. For instance, assume that there are two peers(Client A and Client B) which will be connected through WebRTC. Client A and Client B create SDP strings that defines which codecs they support. For example, Client A may support H264, VP8 and VP9 codecs for video, Opus and PCM codecs for audio. Client B may support only H264 for video and only Opus codec for audio. For this case, the codecs that will be used between Client A and Client B are H264 and Opus. If there are no common codecs between peers, peer to peer communication cannot be established.
You may have a question about how these SDP strings are sent between each others. This is where Signalling Server takes place.
ICE (Interactivity Connection Establishment)
ICE is the magic that establishes connection between peers even if they are behind NAT. Let's assume again Client A and Client B will get connected and take a look at how ICE is used for that.
In the image above, there are two servers. One of them is STUN and other of them is TURN server.
STUN server is used to let Client A learn its all addresses. Let me give an example for this, our computers generally has one local address in the 192.168.0.0 network and there is a second address we see when we connect to www.whatismyip.com, this IP address is actually the Public IP address of our Internet Gateway(modem, router, etc.) so let's define STUN server; STUN servers lets peers know theirs Public and Local IP addresses. Btw, Google provides free STUN server(stun.l.google.com:19302).
There is a one more server, TURN Server, in the image. TURN Server is used when peer to peer connection cannot be established between peers. TURN server just relays the data between peers.
Client B does the same, gets local and public IP addresses from STUN server and sends these addresses to Client A through Signalling Server.
Client A receives Client B's addresses and tries each IP addresses by sending special pings in order to create connection with Client B. If Client A receives response from any IP addresses, it puts that address in a list with its response time and other performance credentials. At last Client A choose the best addresses according to its performance.
Client B does the same in order to connect to Client A
RTP (Real Time Protocol)
RTP is a mature protocol for transmitting real-time data. It is based on UDP. Audio and Video are transmitted with RTP in WebRTC. There is a sister protocol of RTP which name is RTCP(Real-time Control Protocol) which provides QoS in RTP communication. RTP is also used in RTSP(Real-time Streaming Protocol)
Signalling Server
The last part is the Signalling Server which is not defined in WebRTC. As mentioned above, Signalling Server is used to send SDP strings and ICE Candidates between Client A and Client B. Signalling Server also decides which peers get connected to each other. WebSocket technology is generally used in Signalling Servers for communication.

Compatibility
In the last one year, all browsers including Safari, Edge have released new versions supporting WebRTC. Chrome, Firefox and Opera have already supported WebRTC for a while. The video codec that is common to browsers are H264. For the audio, Opus is common in browsers. PCM can also be used for audio codec but AAC is not used even if AAC is supported in all browsers because of licensing issues. IP Cameras generally support H264 for video codec and PCM or AAC for audio codec.
Further Reading and References
Btw, I am developer at Ant Media Server which supports scalable one-to-many WebRTC and peer to peer WebRTC connection