SALT (SALT) Review – Crypto Coin Judge
What is SALT?
Those days are past when people had to keep some of their precious assets just to borrow even a little amount of money. Today is the time of cryptocurrencies like Bitcoin, Litecoin, Siacoin, Dogecoin (and many more altcoins), which are almost going to replace the hard cash currencies moving around the financial market.
Had you ever thought of that the day will come when you will be able to keep these digital currencies or Internet Currency as Collateral, and secure loan in hard cash? The D-day has finally come, and SALT (Secured Automated Lending Technology) is one of the best options to do that, which plans to change the way of traditional lending and borrowing, and break down the financial barriers that people generally have to encounter when they are in dire need of money.
Though there exists a lot more companies that offer lending and borrowing services for digital currency, SALT stands itself apart from them when it comes to lending and borrowing cryptocurrencies. Normally, when you think of securing a loan, you have to pass through a credit check, fill out endless forms, and even may have to wait for long to have your loan application approved by the borrower, and you get succeeded only when the borrower gets agreed, and that too after having a thorough background-check, verifying your documents, and finding you eligible to secure a loan.
So, it is only when the borrower has approved your loan application, ascertain the deadline for loan repayment. Under the process of traditional loan lending, the borrower borrows against future earnings instead of existing assets. However, this is not the case with SALT.
As we learnt that SALT is an automated lending platform, which is not just secure but can be used easily as opposed to other digital currency lenders and borrowers. The primary aim of SALT is to make you stop talking about the traditional way of lending and borrowing, and adopt the new of lending and borrowing by virtue of your digital currencies like Bitcoin and Ethereum. So, forget about the long loan application form filling and waiting long for your loan application approval, simply keep your digital currency as collateral and get the desired cash without any hassle.
SALT works different and unique way. Loans that you take out through this platform are all cryptocurrency backed. This means that as a borrower, you need to stake your blockchain assets (bitcoin, ethereum, etc.) as collateral to obtain the hard cash loan from lenders.
Here, instead of borrowing future earnings, you, as a borrower, can take advantage of the digital asset that you already own. And the most important part of this digital lending and borrowing mechanism is that you don’t need to represent any guarantor because your blockchain assets staked work as a proof of ability to repay.
At the end, it can be said that the SALT platform functions as a bridge between the enormously increasing blockchain economy (and its borrowers) and traditional financial systems (and lenders).
Now that we have learned what crypto coin is, and what role SALT plays, and what is SALT, let’s now talk about how SALT works.
Who Makes SALT Team?
SALT consists of a team of 25; out of whom, 5 are its founding partners –
- Shawn Owen, CEO – A serial entrepreneur who is extensively experienced in ownership and management of enterprise operation. Shawn got an opportunity to involve himself with blockchain technology by virtue of his advocacy of bitcoin in early 2011.
- Phil Cowan, CTO – He boasts of having 17 years of experience in application architecture development and design solutions. Before being CEO of ideas by nature, he passed around 7-years of his life as a web application developer and graphic designer at LSDI consulting, Wombat Interactive and ASAP, Inc.
- Ben Yablon, Chief Strategy Officer – This guy has 15 years of legal expertise centered on rising financial technology platforms and regulatory compliance as a partner at Atlas Law Group.
- Erik Voorhees, Board Director – CEO and Founder of ShapeShift, and earlier founded Satoshi Dice and Coinapult.
SALT History: How and when the project SALT originated?
Every company has a history of its establishment. Similarly, SALT has a history, but to find its origin, you don’t need to dive deep. The seed of SALT was conceived at 2016, and the company was established in the very same year too. However, at the very outset, they first started capital funding round whereby they were able to manage more than $1 million funds which were certainly not sufficient to start a platform like SALT.
So, with a view to raising funds, all the executive members carried out personal funds for developing the platform. And when the month of March 2017 arrived, SALT came up with the blockchain-backed loan agreement, and scheduled the day of its Blockchain-backed lending platform during Q4 of 2017, while the date for the launch of Development Platform API and Development Tools is slated to be launched in Q1 of 2018.
As a member of SALT, you need to use SALT Token to have access to its lending platform. The platform allows you to exchange this SALT token for services and products as well as other goods. Considering the hassle-free lending and borrowing process, a huge demand for membership has been created, and today the platform is receiving end number of queries regarding how to become a SALT member?
How does SALT function?
Simple: Hold your assets, and get your cash!
Yes, to secure loans based on your crypto-assets, you just need to hold your digital assets in the form of collateral and get your cash.
There are just four steps that you need to follow, and the hard cash will directly come into your account.
1. How to create a loan account?
As a borrower, you need to create a membership account with SALT, thereafter click forward your digital currency as collateral to the SALT Oracle Wallet, which is a multi-signature blockchain wallet working like a repository for collateral and do automatic management of the lending terms.
2. How is Fund Transferred to your Bank account?
Once you are done with the first step, you will notice that as soon as the loan is approved, the loan funds are transferred to your bank account.
3. How to repay the loaned amount?
It is always wise that when you have borrowed some money from any lender, you must repay it timely, in terms of periodic payments to the concerned lenders, especially when the lender doesn’t make any background checking, and offer you a loan without any guarantee, except holding your digital assets as collateral.
4. What happens to your collateral assets?
This last phase comes when you have repaid the entire loaned amount, and once you have repaid the borrowed loans, you can take back your collateral and keep it with you again in your account.
What makes SALT stand apart from its competitors?
As we read above in the third paragraph of this article that today there are several platforms working like SALT, but what makes it differ from it’s them has been explained in points below:
- SALT has a team of fantastic guys who are highly professional and market experts
- SALT is like a disruptive play bridging an enormous traditional market with a fast-growing, under-served market.
- SALT is said to have covered itself with the regularity side, most importantly when it is dealing with the US market.
- The SALT platform ever since its launch had very positive impact, and showed the sign of going great for future.
- SALT’s Asset-backed loans facilities get you rid of the credit-check which is usually conducted when you take loans in a traditional way. This is much more advantageous than the traditional way of lending loans.
- SALT, holding your blockchain assets as collateral, helps you overcome lots of limitations that you normally find while borrowing traditional assets.
- SALT has a very massive potential for market growth.
- Loans are an amazing application of smart contracts.
What is SALT Oracle Wallet?
The SALT Oracle wallet works as a multi-signature blockchain wallet, which can do automatic storage of collateral and apply the lending terms. This is the reason why it is called Secured Automated Lending Technology. Some of the key features of SALT Oracle Wallet are as follows:
Key features of SALT Oracle Wallet:
- It monitors both the loan origination and the payments you, as a borrower, make to the lender.
- It generates and sends alerts if the value of the blockchain asset comes down from an agreed upon threshold.
- It monitors the value of the blockchain asset that you have kept as collateral
- It holds your collateral stored until loan terms get fulfilled.
- It disperses or liquates your collateral as per the loan terms.
- It triggers maintenance calls.
Who are SALTs Competitors?
Where you have friends, there you have enemies, as well. Likewise, where SALT has friends, there it also has its competitors. Some of the competitors with whom SALT will have to go on trying to keep pace with them include: Othera, Unchained Capital, EthLend, and Everex.
While all these companies allow their users to hold their digital assets and get a quick loan, they still differ at some or other points when it comes to their way of lending and borrowing hard cash in exchange of digital assets.
Based in Australia, Othera makes use of blockchain technology to provide the facilities of digital loan contracts do management of their risk and tokenize the repayment cashflow.
Unchained Capital works quite like SALT, but it is quite easy to find details on their website as compared to SALT.
EthLend is entirely based on Ethereum, and allows both lenders and borrowers to connect and negotiate everything from interest rate to duration.
In order to use their platform, you are required to either install their mobile wallet or make use of their Everex web service. Moreover, you must have EVX token if you want to use their platform. The EVX token provides a gamut of utility functions in their microfinance and payment program.
Who can use SALT and what are its membership plans?
Who can use SALT?
Individuals who are long-term investors and day-traders, while businesses and enterprises that can use it include:
- Remittance Services,
- Gaming Platforms,
- Payment Processors,
But there are some restrictions, which are subject to KYC and AML screening.
SALT Membership Plans
Below is the screenshot of SALT membership plans that will let you know what types of membership plans it offers.
SALT Coin Supply & Pre-Sale vs. ICO Prices
Below are given some basic facts regarding the SALT token, such as what has been its presale, and what its public sale is: Let’s take a look at them.
$.25: 35,000,000 coins
$3-$25: 4,675,000 coins
On CMC salt has:
Circulating supply: 36,639,615
Total supply: 120,000,000
Source: “around 35mln SALT Memberships were sold at $0.25 whereas 5mln SALT Memberships were sold at $0.75.” – From SALT disclosures: https://membership.saltlending.com/files/Disclosures.pdf
SALT ICO Information
Instead of working as platform to lend and borrow your digital currency, SALT is also an ICO whose information is given below:
|Crowd sale Hard Cap:||USD $35,000,000|
Source urbancrypto.com: https://urbancrypto.com/salt-blockchain-backed-loans/
SALT in the Press
Below are the links that will tell you what media is saying about SALT lending, and how as well as why it is hitting the headlines:
In the end, it can be said that SALT has almost changed the way of traditional lending and borrowing, but at the same time, it is also doing great in the investment sector. Today its membership plans are so much in demand that the crypto-community people are now eager enough to exchange their digital currency via this easy-to-use lending and borrowing platform.