Review on SALT by francis fernandez
SALT: Cryptocurrency-backed financing
SALT is an organization based in Denver, United States. Its digital currency is of the same name and was first exposed to the market in September 2017, with a maximum issue limit of 120 million SALTs.
The mission of this company is to grant financing to its users backed by the cryptocurrency funds available in their account.
What is SALT technology?
SALT is based on Ethereum technology, allowing the creation of smart contracts thanks to the blockchain protocol of its structure. Through these contracts the nodes represented by providers and borrowers establish their agreements.
In this sense, the operating mechanism of the SALT platform includes two elementary factors:
1-Borrower: Represented by the user who requires and uses the loan. This user must deposit the funds in cryptocurrencies (Ethers, Bitcoins, Dogecoins and Litecoins) that serve as collateral for their financing in their wallet; prior to registering on the SALT Lending platform.
2-Lender: The person or entity that offers the financing and establishes the conditions that will govern the loan contract.
The process is done by creating an individual smart contract for each case.
Once the guarantee funds and the veracity of the data of both parties have been verified, the smart contract is executed and SALT proceeds to deposit the requested amount in the borrower's account.
SALT loan recipients can pay financing interest with SALT tokens, which have a fixed value within the platform equivalent to $ 27.5.
How is SALT mining done?
Your cryptocurrency cannot be mined. However; These can be purchased at popular exchanges such as: Binance, Huobi, and Bittrex. These can only be converted to ETH and BTC not to FIAT money.
Pros
- It allows cryptocurrency holders to have guaranteed financing for their digital assets; without additional requirements.
- Allows borrowers to use the native SALT currency to repay the interest on the financing received.
- It has a team of experts in blockchain technology and in the field of business businesses.
Cons
- SALT cannot be mined and its maximum emission quantity is 120 million SALTs.
