A Brief Overview Of: SALT
A Brief Overview Of: SALT
What is SALT?
SALT is a next generation lending platform for blockchain-backed loans. It’s built using the ERC-20 smart contract SALT token which is currently 70th on coinmarketcap.com with a total supply of 120,000,000 SALT.
What are the mains restraints of current lending platforms? Centralized banks require you to have a great credit rating before they’ll even touch you, whilst also charging you a premium in interest rates for the privilege.
SALT aims to combat this issue by providing a decentralized solution, in which membership is paid via their token system and loans can be approved immediately without credit checks or extremely high interest rates. You’re matched with a lender and all you need is collateral in the form of cryptocurrency. Your collateral remains yours, and if the price of said cryptocurrency increases down the line you can use those gains to either, pay off your loan early, or increase your cash loan amount. Likewise, all bases are covered in that if your collateral decreases in price substantially due to the volatile market, you will be asked to top up your collateral to account for this change.
SALT is pioneering an evolutionary leap for lending in which the value of a borrower’s assets are fully recognized and credit history is made irrelevant.
What are the benefits of using SALT?
- Excellent UI design ideas
- Revolutionizing the lending business
- SALT tokens will be worth $27.50 on their platform
- Q2 2018 Credit Cards
What are the disadvantages of using SALT?
- Unlikely to exceed retail price of $27.50
- Development still in early stages
- Only US residents seeking loans in USD on initial launch
Should you invest in SALT?
In my opinion, SALT is a relatively safe investment, with a most likely guaranteed 3x return, considering the current market price is hovering at around $7.70. That being said, it doesn’t have the huge potential for growth that other coins may have, so it’s hard to necessarily recommend it over other investment opportunities.
If you enjoyed this post, please don’t forget to up-vote, follow and comment! Thank you for taking the time to give it a read and I hope you have a nice day.
DISCLAIMER: This is NOT financial advice. The cryptocurrency market is volatile and you are at risk of losing your money. Only invest what you can afford to lose.
Donations:
BTC Address - 1JQGxuVLQf1hAz6i2dpitvGNvkTSKD8xAC
LTC Address - LdHvzzi5ZhZZr9Ce5gek9rgmJXbk78tQD7
ETC Address - 0xae041220e640Ca52BCa8644B178682fC12705cBA
Nice breakdown. I have a small position in SALT - probably the safest play I have - high floor, low ceiling. Though if they raise the retail price on the tokens due to demand/growth, that would certainly raise the ceiling.
Thanks @bubbleboy! Nice to speak to someone else with a little in SALT too. I haven't come across many SALT investors before. I'm actually quite surprised it's had a relatively negative growth recently in comparison to other coins. I guess the probable cap of $27.50 puts off a lot of potential investors.
hey so nice I really like your post! Thanks for it! I actually wrote my 2nd part of my introduceyouself and I write about that I went to jail because of cryptos... lets make steemit together to a better place with our content! I would like to read a bit more about you and maybe do you have some more pictures? Maybe you upvote me and follow me swell as I do? https://steemit.com/counterfeit/@mykarma/2-jail-review-counterfeit-euro-speeeeending-time
Salt? You mean that thing gamers get when they die? xD
Jokes aside, good content, first time i'm hearing about this SALT
Hahahaha yeah that one XD
Thanks mate :)
I wrote a post too, so much work and almost no upvotes, i'm starting to think i should get a big whale bot to upvote my posts... both my posts and your posts are good quality, they should have more visibility...
Just upvoted it, I'll give it a look over in a sec... But yeah, I know what you mean, It's good to have a few dedicated followers like yourself, that makes it worthwhile.
It is a shame our posts don't get more recognition though. As you say, I put quite a lot of effort into the content and structure etc. and you get these one picture memes that earn like $100 hahaha.
Buuuut I guess patience is a virtue, just gotta stick at it and eventually our channels will grow. It just makes it more apparent you have to write about things you genuinely enjoy and are interested in, you'd give up otherwise.
Yup, my problem is that i'm interested in way to many thing, if you go luck at my blogs i started with photos, than i did a post about XRP, than a post about a problem with steemit, and today i did a post about antibiotics, consistency = 0 xD, still what i enjoy more is to actually comment on other people posts
Hahaha I'm a huge procrastinator about random stuff so I will probably end up the same :D
I try to keep some kind of structure though so think of little ideas for series that I could do with certain topics I'm interested in.
Yeah it's definitely good to have an engaging conversation on here. It's just a pretty nice environment really, knowing that we are all early adopters of this technology.
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Excellent post, interesting photos. Godspeed!
excuse me for being salty on salt but isn't it risky to based a loan on such a risky asset as btc? it's way too volatile to be a standard for a loan. and the idea that anyone can get a loan regardless of your credit history is dangerous. someone has a horrible credit history but they're "wise" enough to buy btc so they can get a loan but go waste it on a poor investment (people have bad credit scores for a reason, they're bad with money). this doesn't add up. there's a reason why we have credit scores and histories because it shows our history of credit worthiness. giving anyone a loan is not wise. there's a reason why people with bad credit history shouldn't be allowed to borrow money. i like the innovativeness of SALT but they should have a higher standard to select the best people to loan to, not just anyone.
Haha no worries, let me try and explain why you've no need to be salty ;)
They give you a loan based on your collateral in a cryptocurrency like Bitcoin yes, which is volatile I agree. But that's factored into the lending process as I explained in the article... You sign a contract in which if the price of your collateral drops significantly, you have to top up extra collateral to compensate for that loss. By doing so, this negates the risks associated with volatile assets.
Likewise, the upside is also that if your crypto goes up significantly, you can use that to pay off your loan early or take out more cash.
Coins mentioned in post: