SALT cryptocurrency is not mineable. It is a simple application that quickly delivers approval. The cash that is loaned will get deposited in the designated bank account right away and even no effort on the part of the user.
The process of loaning is consists of four steps:
- Loan creation. The borrow will set up a membership account and then forward his collateral to SALT Oracle Wallet which is a wallet that is a multi-signature blockchain that functions as a repository for the collaterals and at the same time, the lending terms are automatically managed.
- Once approved, the loan funds will be transferred to the bank account of the borrower.
- Loan repayment. The borrower will make timely and periodic payments to the lender.
- Loan completion. The borrower will have his collateral returned upon the payment of his loan.
Cryptocurrency assets are the only used as collateral by the recipient for the loans. A borrower has the choice to pay off his loans early so he will not be subjected to a prepayment penalty.
SALT Cryptocurrency has the circulating supply that is 54,225,596 SALT and the total supply is 120,000,000 SALT.
SALT cryptocurrency is first announced on July 28, 2017.
SALT has the total amount of $1,096.6 trillion in rep transaction and cash equities. There are $8 billion in the cloud computing and storage along with a $630 trillion in foreign exchanges and derivatives. Jewelry and diamond accounts are $78 billion, physical gold that is $7.8 trillion and the real estate titles that are $115.6 trillion.
What makes it different?
The SALT is offering the customers loans that are backed by the blockchain. This platform is allowing the users to take advantage of several same features that they would expect from a financial institution that deals with fiat currencies like loans but with the cryptocurrencies. Users are able to get to hold their assets and also get the cash with SALT. The SALT essentially is allowing you to leverage your blockchain’s asset to be able to get cash loans. Through this way, you can get fiat money even without selling any of your investment in cryptocurrency.
Who is behind SALT SALT?
The leadership of SALT includes Erik Voorhees (advisor), Shawn Owen (CEO), Josef Schaible (compliance specialist), Gregg Ball (operations), Beb Yablon (strategy), Blake Cohen (business development), Caleb Slade (creative) and David Lechner (finance).
The technology and product team includes Phil Cowan (CTO), Jeff Vier (product lead), Chris Johnson (system architect), Patrick Medaugh (core developer), Dave Daniel (application development), Justin Ellis (UI/UX lead), Chris Ellis (web developer), and Sean Luther (blockchain developer).
Advisors include Jon Saphiro (blockchain advisor), Michael Perklin (blockchain security advisor), Josh Datko (security), Marion Keyes (tax) and Richard Levin (outside counsel).