The easiest way to provide Video Slave with incoming MTC/MMC data is to setup a network MIDI connection and transmit all data necessary over that connection. There's no need to buy a separate MIDI interface and cables to connect MTC master and slave machine, although you can of course use a cabled connection if you prefer. A cabled network connection still is the preferred way though. This article also explains how to setup Video Slave as a HUI controller in order to make looping work with Pro Tools across the network.
Video coding is a very wide and complicated field with a lot of effort spent throughout the last decades.
This article will not try to cover everything but only the things necessary for flawless operation of Video Slave.
It also doesn't try to be absolutely mathematically or technically correct. Furthermore, it will try to impart a certain amount of basics.