[YouTube-API] Is YT iFrame a native VIDEO tag in HTML5 ?

Finally, I discovered this site and am quite curious as to how is this
done. Is the YT iFrame somehow presenting the YT as an HTML5 video or
are they mereley using the YT iFrame API deep downn in their
framework? If my question is not making sense, how would you ask
it ;?)

http://popcornjs.org/popcorn-with-youtube

Thanks.

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