“The Salt platform works peer-to-peer: lenders post their lending terms, and the members can pick any available loan that suits them. After this initial choice the lenders provide the money, while a smart contract gets the collateral blockchain asset from the member…”
Coin Name: Salt
Birth of project: 2017
Project Status: Lending
Circulating Supply: 55,821,671 SALT
Official website: https://www.saltlending.com/
Introduction to Salt (SALT)
SALT stands for Secure Automated Lending Technology, and is a project that started in 2016. Salt had its ICO in August 2017, and has Shawn Owen as the project CEO of a team of 25 people. The purpose of the project is to give loans to those who can offer their crypto holdings as collateral.
The crypto hold by those that want a loan will serve to leverage cash loans, so the more crypto we hold, the more cash we can get. The advantages here are the smaller exchange fees, we get to keep our assets and cash at the same time, and credit scores takes no part in this process.
Credit history doesn’t matter, as what matters is the collateral value we hold, and crypto holders get the needed liquidity, money in the hand while still keeping the tokens.
The Salt platform works peer-to-peer: lenders post their lending terms, and the members can pick any available loan that suits them. After this initial choice the lenders provide the money, while a smart contract gets the collateral blockchain asset from the member.
Once the smart contract is done, the funds are sent to the member’s bank account, and the collateral assets are stored for the whole period of the loan. As soon as all the monthly payments are done, the blockchain assets are returned.
SALT tokens are used for participation in the platform and to get the loans, they represent the kind of access we have to the platform. To become a member we need to pay 1 SALT per year, to access the Premier service 30 SALT per year, and there are also Enterprise plans with undisclosed values.
Salt project had the innovative idea of using smart contracts and crypto as collateral, making loan processes automatic and lowering process costs. They have a strong team and solid investments, but there is always the challenge of user adoption to give liquidity to the platform.
Salt is a project with huge potential as provides real cash – eliminating credit scores – to those holding crypto. The platform concept makes sense, and the main question is the compensation lenders will receive with the risk of the collateral assets dropping under to the loan value. It would be a matter of setting the proper interest rates here.
Over the long run Salt has a lot of potential, as this blockchain loan concept doesn’t has competition, but Salt will struggle like the other crypto projects to gain user adoption and make it real.
This is a brief introduction to Salt, but if you want to know more about the coin, what people are saying about it, technical details, jump right in any of the links we present below. They are well worth reading before investing!
Feb 19, 2018: $4.68
Jan 19, 2018: $8.17
Dec 19, 2017: $11.17
Nov 19, 2017: $3.94