Review on SALT by Owolabi Gbenga

Name: SALT
Item: SALT
Rating: 3

November 26, 2018

Salt is a great lending platform on the blockchain. It helps users put their…

Salt is a great lending platform on the blockchain. It helps users put their crypto assets as collateral rather than put their physical assets. Salt does not require credit checks to give loans to users as users require crypto assets to request for loans.
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Pros

Salt is a financial platform, mainly a financial institution for lenders and borrowers. It has opened a very easy way for users to get loan faster, easier without physical and high collateral rather, users uses crypto assets such as BTC, ETH, DOGE, LTC as collateral. Salt has been in existence since 2017, giving loans with little interest.

Cons

Salt loans start from 5,000 USD, thereby not giving people who do not want loans as high as that cannot get loans. Four parties are to hold private keys for this wallet: the borrower, the lender, a third party custodian, and the SALT Oracle during loan period. It takes 3 parties to withdraw and there might be a problem when withdrawal is about being made. Due to the volatility of crypto assets, the collateral might be greater or lower compared to the loan.