What Is SALT?
Cryptocurrencies have taken over the world and have become a part of everyone’s lives, regardless of where they’re from and they have well and truly overthrown the traditional way of conducting transactions.
There are currently over 1500 different forms of cryptocurrency with a market cap of over $500 billion that are have their own unique function and place in the world. These cryptocurrencies are merely digital forms of currencies that employ the use of cryptography and mathematics to encrypt and secure the process of making a transactions between two parties, by using public and private keys.
These public and private keys are generated after you obtain an address for the respective cryptocurrency of your choice, whether that be bitcoin, ethereum, ripple etc.
What is SALT?
SALT is a cryptocurrency that has been around since September of 2017 and right from the get go, it hit home with fans and investors. Since it launched it started off with a price of nearly $7 and has been the subject of many discussions by many cryptocurrency experts. It gets its name from back when table salt was used as a medium of value, thus becoming one of man’s earliest form of money.
By using salt as a way of being able to exchange different valuable items like food, clothing, and other items as well, it was this white stuff which paved the way for one of the first types of currency. SALT was inevitably given to the programmed smart loan contracts which are known as Secured Automated Lending Technology (SALT).
What is SALT lending?
The company behind SALT has created a lending platform which allows owners of certain blockchain assets to leverage their holdings to use them as collateral. This particular type of platform is the first of its kind that uses blockchain to give liquidity to people who hold assets, without the need for them to sell their cryptocurrencies to begin with.
SALT presents a unique opportunity to investors to lend against high-growth asset classes, all through the use of a fully-collateralized debt platform. Where traditional lenders will require collateral such as a house (mortgage) to secure a loan, SALT uses traditional lending techniques but is secured by non-traditional collateral.
Much like many other cryptocurrencies, the SALT cryptocurrency is based off of the Ethereum blockchain and the collateral is recorded on its own blockchain. The SALT blockchain is able to create a varying number of multi-signature smart contracts.
SALT Products & Services
The developers of this cryptocurrencies have tried to take everything under consideration in how the technology will actually work, and separate it from traditional lending techniques. So where the typical credit cards will often have high rates that some people will find extortionate and impossible to fully pay back, with no set repayment term.
The way SALT has established its route for the loan repayments is really quite simple, all you have to do is log onto saltlending.com and you can make payments electronically with Bitcoin or Ether, as well as any other cryptocurrency that is supported by ShapeShift. Although there is still the option for you to set up an online repayments through your bank.
One of the many great things about SALT is that it doesn’t have any origination or prepayment fees, because why would you want to charge someone for paying off too much of a loan?
In my mind this sort of thing is ridiculous and gives the loan industry and bad rap, but SALT doesn’t have any of these fees, in fact they don’t have origination fees, closing costs or prepayment penalties on their fixed rate term loans. Anyone who borrows from them can choose at any time to pay off their loans as early as they want with no extra cost.