USA news on Youtube Dec 12 2017

Many people believe that Bitcoin is the future for our financial system.

But there is a big issue standing in the way of this goal and that is scalability.

Let me give an example: the payment provider VISA processes on average around 4000 transactions

per second and scale up to a maximum of 65,000.

Bitcoin on the other hand can handle up to 7 transactions per second with the current

block size of 1MB.

Not tens of thousands, but just 7!

Clearly the main blockchain isn't very scalable.

But it doesn't have to be!

The community has come up with a new technique called the Lightning network to solve the

scalability issue's.

The key idea is that small, everyday transactions don't have to be stored on the main blockchain.

This avoids the 7 transactions per second limit and is also called the off-chain approach.

So how does it work?

Well let's take a look at an example, let's say that every morning Bob buys a cup of coffee

on his way to work.

Creating a transaction on the blockchain for a simple coffee is really overkill.

He might end up paying more fees than the actual price of his coffee.

However, with the lightning network Bob can setup a payment channel with the coffee shop.

To do that, both the coffee shop and Bob deposit a certain amount of Bitcoin in what is called

a multi-signature address.

Let's assume that Bob deposits 0.05 BTC and the coffeeshop deposits nothing, because

they don't offer refunds.

This multi-signature address is basically like a safe that can only be opened when both

parties agree.

When we open the payment channel we also make a balance sheet that says how the funds in

the address should be distributed.

So right now it says: "Bob will get 0.05 BTC and the coffee shop will get 0 BTC."

The same as they deposited.

Opening the payment channel happens on the main blockchain so that there is full transparency.

The coffee shop owner can see that Bob has deposited 0.05 BTC and they can rest assured

that they will get their money once the channel closes.

Now that the channel is open, Bob can order his morning coffee!

Lets say that a coffee costs 0.001 BTC.

To pay for it, Bob simply changes the balance sheet.

He subtracts the cost of the coffee from his balance, and adds it to the coffeeshop's

balance.

So now it says that "Bob gets 0.045 BTC and the coffee shop gets 0.005BTC".

Bob and the coffeeshop now sign the updated balance sheet with their private keys, they

then each keep a copy of it but they don't do anything else with it.

Bob can keep ordering coffee's for as long as he has a balance in the payment channel.

Both of them can make hundreds of thousands of transactions between them.

There is really no limit because this happens away from the main blockchain.

But all good stories come to an end.

The payment channel can be closed at anytime by either Bob or the Coffee shop.

All they have to do is take the latest balance sheet, which was signed by both parties and

broadcast it to the Bitcoin network.

Miners will then validate the signatures on the balance sheet and - if everything checks

out - release the funds according to the balance sheet.

This will create a single transaction on the Bitcoin blockchain.

So the lightning network can significantly reduce the load on the main blockchain.

It only requires two transactions on the blockchain: one to open the payment channel and another

one to close it.

It's also very safe.

The system ensures that only the latest signed balance sheet can be used to unlock the money.

And because both parties have a signed copy of the balance sheets, they can release the

funds at anytime, even if the other doesn't want to cooperate anymore.

So for example: Bob cannot hold the money hostage that belongs to the coffeeshop and

vice versa.

It doesn't end there.

You don't need to open a direct payment channel with everyone you want to send bitcoins

to.

You can simply use the network to pass your coins around.

Here is Alice, she's a friend of Bob.

They've exchanged money on the lightning network before, so they have an active payment

channel.

Now let's say that Alice wants to buy a coffee.

Instead of opening a direct channel to the coffeeshop, she can transfer the money to

Bob, who will then transfer it to the coffee shop.

No need to create a payment channel with everyone!

In the lightning network, your payment tries to find a route from person A to person B.

It tries to do this with the least amount of intermediates and the least amount of fees.

This further reduces the strain on the blockchain but it requires the intermediates to have

enough money in the payment channels.

So, now you know what the Lightning network is and how it works, but when will it actually

go live?

Well right now there is a proof-of-concept implementation running on the Bitcoin testnet.

We don't know yet when it will go live for everyone, but chances are it happening in

2018!

So that was it for this video.

If you liked it, hit the thumbs up button and get subscribed.

Thank you very much for watching and I'll see you in the next video!

For more infomation >> Bitcoin's Lightning Network, Simply Explained! - Duration: 5:34.

-------------------------------------------

BREAKING NEWS Out Of San Francisco – He Was Just Found DEAD! MK Today - Duration: 5:31.

BREAKING NEWS Out Of San Francisco – He Was Just Found DEAD!

The Sanctuary City of San Francisco, California has become the epicenter of liberalism with

the justice system only catering to the criminals to serve their agenda.

This became clear two weeks ago when a five-time deported illegal alien who killed beautiful

Kate Steinle on the Pier in front of her father in broad daylight, was acquitted of murder

and sent free.

The shocking verdict came on the heels of a massive immigration debate and resistance

from city leaders to comply with President Donald Trump's travel ban.

Now, one key person in this ongoing debacle has just been found dead overnight and it's

being called a case of karma.

Since the justice system failed Kate, it turns out that she may have gotten her revenge from

beyond the grave.

While her killer was unfairly given freedom, there's no escaping death – the ultimate

equalizer.

The liberal mayor of the Sanctuary City who is against our president and seemingly couldn't

care less about Kate when he has an immigration point to push, has been found dead overnight

at the age of 65.

The Los Angeles Times reports:

San Francisco Mayor Ed Lee, who led the city during a development boom fueled by unprecedented

tech wealth, died early Tuesday.

He was 65.

Lee's death was announced by the city in a statement.

No cause of death was immediately given.

"It is with profound sadness and terrible grief that we confirm that Mayor Edwin M.

Lee passed away on Tuesday, Dec. 12 at 1:11 a.m. at Zuckerberg San Francisco General Hospital,"

the statement said.

"Family, friends and colleagues were at his side.

Our thoughts and prayers are with his wife Anita, his two daughters, Brianna and Tania,

and his family."

Under Lee, San Francisco saw a crop of new high-rise buildings, and the city gained enhanced

status as the global capital of the tech industry.

But Lee also became a magnet for criticism as rents and property values soared and many

residents of moderate means said they could no longer afford to live in the city.

This sudden turn of events comes two weeks after the shocking verdict for Garcia Zarate,

a 45-year-old Mexican citizen who was released from San Francisco jail before the killing

despite a federal request that he be held for his sixth deportation.

"[He] was charged with murder, and prosecutors gave the jury the option of convicting him

of first-degree murder, second-degree murder or involuntary manslaughter," according

to SF Gate.

Just last week, Kate's memorial in the area where she was killed, was dismantled and who

ordered the destruction of it is almost as shocking as the reason for taking it down.

Independent Journal Review reports:

A memorial to Kate Steinle, the 32-year-old Bay Area woman shot and killed while on a

walk with her dad, has been removed by the city of San Francisco, and the reason why

is a stunner.

On Thursday, Jose Ines Garcia Zarate, was found not guilty of murder and involuntary

manslaughter in Steinle's killing.

Instead, the jury only found him guilty on the charge of being a felon in possession

of a firearm.

Garcia Zarate, a seven-time felon and five-time deportee, was in the U.S. illegally.

People brought flowers, cards and other items to the Steinle memorial, which sprang up around

a bench on the pier where she was killed.

But now, the shrine has been removed.

And the people asking for its removal are the biggest surprise.

CBS San Francisco reported that Steinle's parents asked for the shrine's removal.

San Francisco Mayor Ed Lee's spokeswoman Deirdre Hussey said:

"The Steinle family placed a request with the Mayor's Office for the bench to remain

as it was intended — a simple memorial in recognition of Kate and her spirit."

While the family asking for the removal of the shrine comes as a surprise, it was essentially

the last amount of control they had over preserving her memory based on what was happening at

the spot dedicated to her.

According to the San Francisco Chronicle, the request for removal of the adorned bench

was because a self-described "alt-right" group was responsible for putting it up:

"About 50 candles, along with red and white roses, were seen Friday where Steinle was

shot and killed, following the conclusion of the trial where her alleged shooter was

acquitted of murder and manslaughter charges.

The memorial had ties to a self-proclaimed 'alt-right' group, who appeared to have

started the shrine to Steinle."

The political group responsible for decorating the bench in her memory is call "Identify

Evropa" who may have had a different purpose for using Kate's death, which the family

didn't want their beloved daughter's memory being intertwined with.

"The notes on the poster that became part of the memorial said 'build the wall'

and Steinle's death 'will be avenged,'" IJR reported.

However, the backhanded issue, was that San Francisco really wanted it removed citing

an arbitrary violation of city policy.

"Officials told the Examiner that the memorial violated city policy.

San Francisco typically removes memorials within 10 days of the victim's funeral service.

Steinle's funeral took place in 2015," CBS San Francisco reported.

This was likely brought up after the group who made the shrine had called for a boycott

of the city of San Francisco.

Perhaps the stress of everything in his city caused more stress and complications for him

than he even realized.

It will be interesting to see what happens in San Francisco after his passing.

May Lee rest in peace and our deepest condolences to his family.

What do you think about this?

Please share this news and scroll down to Comment bellow and don't forget to subscribe