What is Salt (SALT)?
Future of SALT Cryptocurrency and know how to buy SALT

#1 What is SALT?

Salt: The Basics

  1. SALT, short for Secured Automated Lending Platform, is the newest concept in the blockchain based cryptocurrency arena. It allows holders to procure cash loans against a collateral of their crypto currencies.
  2. Growing from a team of 5 to 25 and then jumping to over 50,000 members, SALT allows its  users to obtain loans in the conventional fiat currency without the hassle of extensive documentation, and can then be used for any purpose thereafter without restrictions.
  3. SALT functions on a multi-signature wallet that allows  pledgers to hold and access an account, as well as evaluate  their securities in line with the ongoing market trends.

 

#2 - What are the benefits of SALT?

SALT Development

  1. SALT, a platform for lending and borrowing, has been developed and based in Denver, Colorado. This concept was initiated by Blake Cohen, a former real estate executive, provided its first loan in the year 2017 after spending years in development.
  2. The most notable member of SALT remains Erik Voorhees, CEO of Shapeshift, who has assumed the position of a director at the board.
  3. SALT launched its ICO in August 2017, raising over $50 million by a token sale. The then 5 member team has now grown to become a 25 member team with a total of over 50,000 users all around the world.

SALT Technology

  1. Although the platform allows participation through membership only, it can be obtained at some specified costs. SALT requires the users to acquire tokens in order to  participate and procure loans. It also specifies a higher borrowing threshold commensurate with increased token spending.

  2. SALT also allows a quick and exchange-fee free liquidation of assets without having to break long term investments.

  3. The network provides users with the opportunity of being evaluated based on collateral and not on credit scores alone. This deviation from traditional norms allows borrowing at lesser costs, with value being attached to real time blockchain assets rather than the history of the user. This in turn helps enterprises use funds without having to forego  an asset and avoid the tax payable on the same.

Loan Applications

  1. SALT allows a simple application procedure with quick and easy approval. Though there exists no credit rating approval requirement, the amount is deposited into a designated bank account.
  2. The team at SALT evaluates the value of the assets added as collateral, and matches the borrower with lender (holder of capital) through an extensive network.
  3. The cryptocurrency-based collateral remains in the ultra-secure architecture that undergoes constant audits, creating a trustworthy transactional environment.

Lenders at SALT

  1. Unlike a direct investment, SALT acts as a securing agent to investors by providing an infrastructure of securing the loan and allowing them to invest in the same.
  2. Lenders are free to determine the terms of lending, including interest and duration requirements that forms a platform for the borrowers to choose a suitable option.

Features

  1. As economies around the world try and resolve the conflict of accepting and legalising cryptocurrency, SALT is largely exploiting the current market resources and reaping benefits by expanding the usage and utility of cryptocurrencies. Further, it allows the following benefits  against its conventional counterparts:
  2. Competitive rates without any prepayment penalty
  3. Blockchain Cryptocurrency as collateral security
  4. No specification of reason of loan or bifurcation thereof
  5. Loophole to avoiding capital gains tax, as the amount remains a loan and not dilution of asset
  6. Lower cost of borrowing

To undertake transactions under SALT, one requires the following:

  • To be a registered member
  • To own and use SALT token
  • To apply for loans
  • Registered Membership

The three-tier membership allows varied services and term of loans, ranging from one hour to 36 hours, with choices of currency  from USD, RMB, GBP, EUR, etc. Furthermore, each tier provides for varying terms; choice to use SALT credits for reduced interest; portfolio management; and plastic money facilities.

Own and use SALT token

SALT tokens, used for membership payment, are a circulating token supply based on Ethereum’s ERC20 standard - which means that they can be stored using an Ethereum wallet. These tokens are thereafter used for obtaining membership and/or paying 25 per cent of their loans. Post becoming a member one shall be required to access dashboard and upload an ID.

 

#3 - How to buy and store SALT

How to buy SALT

  1. Currently, SALT has not been made available against fiat currency (though the same could be purchased by means of bitcoins and Ethereum). SALT is largely traded on exchanges like Binance, Bittrex, Huobi, etc.
  2. For beginners, it can get difficult to compare CMT rates on every market individually. Instead, users can take the help of CoinSwitch.
  3. CoinSwitch is the largest cryptocurrency trading platform. It allows its users to access the entire cryptocurrency market at one place. Users can compare CTM rates against other cryptocurrencies in real-time, across all the exchanges and choose the best available rate. CoinSwitch allows users to compare and trade more than 300 cryptocurrencies.

Storing SALT

  1. Given that  SALT is an ERC20 currency and can be stored in various wallets, the recommendations from SALT points directly points towards using the Jaxx Wallet.
  2. Jaxx is available for iOS, Android, Windows and Linux.
  3. Other options of storing include MyEtherWallet, Ledger Nano S, etc.

 

#4 - What is the future of SALT?

Also Read: Complete Analysis of Salt | Live Salt (SALT) Price Charts And Predictions

  1. SALT’s first ICO in the third quarter of 2017 brought 54.5 million SALT tokens into circulation. Post its ICO the prices saw fluctuations throughout the next quarter with a low of $2 until 2018.
  2. Early 2018 saw the price of SALT token rise and reach an all-time high of $17 upon the announcement of their first lending.  
  3. The speculations with regards to the future of the stock remained positive given the then gap between SALT token prices and its market value, but the irrationality of the cryptocurrency market has since formed a threat.

Date

Open

High

Low

Close

Volume

July 01, 2018

$1.11118

$1.18293

$1.09024

$1.13531

$2,028,717

June 01, 2018

$2.02669

$2.06176

$1.98427

$2.03287

$3,789,022

March 01, 2018

$3.77446

$4.22657

$3.767

$4.08449

$8,121,987

Jan 01, 2018

$12.8639

$13.0673

$11.6428

$12.4105

$32,598,600

Dec 01, 2017

$4.15616

$4.65884

$4.12801

$4.58359

$8,479,039

Nov 01, 2017

$2.65599

$2.66989

$2.13819

$2.25046

$4,110,647

Sept 29, 2017

$7.11131

$8.48183

$3.51763

$4.34152

$1,889,841

 

#5 - How is SALT different from other cryptocurrencies?

  1. SALT is the latest concept involving lending and borrowing with cryptocurrencies as collateral security. In comparison with other such virtual currencies, SALT is the first one to connect people seeking finance to lenders without the need of selling off the asset.
  2. It secures user investments, while allowing competitive interest rates. This is in contrast to other cryptocurrencies where tokens function as actual commodities and are traded for their value.
  3. The platform provides an avenue for investors to invest while shielding their income from the volatile crypto market and yet yielding its fruits by becoming lenders to SALT with apt security.
  4. In a nutshell, it is an invention to pool funds in the volatile market without directly investing in the blockchain technology.

 

#6- Should you Invest in SALT?

  1. SALT, as an innovative breakthrough in the world of cryptocurrency, is rising in popularity as a sought-after method of financial transactions. The additional benefits of lower interest rates and reduced cost of borrowing makes it even more attractive to borrowers who do not wish to dilute their long-term investments in cryptocurrencies, but need immediate funds.
  2. The project, although it shows great potential by recognising the blockchain assets unlike conventional financial institutions, faces a threat from the fluctuating prices of cryptocurrencies.
  3. As a newer means of lending and borrowing, SALT has been in question owing to its unconventional means. Because it is a drastic shift from the practices of national and international financial institutions. Additionally, the complications of its platform make it less user friendly.
  4. Furthermore, From the point of view of a short term investment, SALT does not form a very profitable investment due to low stock prices that may further result in a downward spiral and pressure of stock prices initially.
  5. Additionally, the long-term predictions hold no different, given the trends from the past few months and the continuing downward graph SALT is not a good avenue to pool funds as suggested by multiple financial gurus.
  6. The growing demand for loans and SALT’s incapacity to meet them has brought its membership to a standstill with competitors cropping up. Though an innovative idea based on the exploiting the economic flow of events, its future as an investment yielding great returns remains in the shadows.
Related Searches



Exchange SALT and win upto $100 on your first order.
Exchange Now
Exchange SALT and win upto $100 on your first order.