SALT Coin Guide: Full Analysis

/SALT Coin Guide: Full Analysis

Salt is Disrupting the Blockchain Industry by providing Loan services, learn about it.

SALT Coin Guide: Full Analysis 2018-05-24T15:22:46+00:00
SALT Coin Guide: Full Analysis

Quick inner navigation:

  1. What is SALT?
  2. SALT lending platform
  3. Can SALT coin be mined?
  4. How to buy SALT?
  5. SALT wallets

What is SALT?

SALT is a platform designed to make lending and borrowing extremely easy and accessible for its members. It allows members to make use of their cryptocurrency assets such as Bitcoin and Ethereum to get cash loans in fiat currency. This way, members can leverage the value of their crypto assets, save themselves from the exchange fee, and can also maintain their cryptocurrency assets.

The SALT team is currently being led by Shawn Owen, who is quite a popular entrepreneur and one of the first bitcoin advocates. Along with that, Josef Schaible provides assistance to Shawn using his vast 22 years of experience related to entrepreneurship and Fintech. Josef is the co-founder of AtlasBanc Panama, Nextrad, Anderen Financial, and Matchbookfx. On the other hand, the development team of SALT is led by Phil Cowen who carries more than 17 years of experience in design and architecture development.

Founded in Denver USA, in the year 2016, SALT released quite a successful ICO in August 2017. The ICO managed to raise more than $55 million, making it one of the most notable ICO successes of all time. 

What are SALT main features?

SALT carries quite a lot of unique features in comparison to other blockchain projects out there. Some of these unique features are listed below:

  • The team behind SALT is extremely professional and skilled.
  • SALT has been covered with the regularities especially those dealing with US markets.
  • The reputation of SALT has constantly been improving ever since its release. These are more or less, signs of a bright future.
  • SALT provides asset-backed loans without a credit card check unlike the traditional methods of lending and borrowing.
  • The SALT platforms hold all the cryptocurrency assets as collateral. This removes a lot of limitations that one usually faces when borrowing or lending traditional assets.
  • It carries the potential for a very high market growth.

SALT lending platform

In this section, we’ve answered a couple of questions that people commonly ask about the SALT lending platform.

  • How to create loan account?

In order to borrow using the SALT platform, you must create a membership account. Then choose your preferred cryptocurrency as collateral to SALT wallet. The SALT wallet is a must-signature wallet that carries out automatic management and acts as a collateral repository.

  • How are funds transferred to your bank account?

After the first step, the funds automatically arrive into your bank account if the loan gets approved. No further actions will be required in this case.

  • When to repay the loan?

Timely payment of the borrowed loan is highly essential and a wise move on your part. You should specifically take care of this when the loan has been offered to you without a background check and a guarantee other than your crypto assets as collateral.

  • What happens to your collateral assets?

After repaying the entire loan that which you had borrowed, your collateral will be available to you once again and you can keep it in your account.

SALT’s collateral wallet

The SALT collateral wallet is an Oracle-based wallet which allows multi-signature and does automatic management of the collateral. This is one of the prime features of the ‘Secured Automated Lending Technology’ that which SALT makes use of.

Some key features of SALT collateral wallet include the following:

  • Monitoring of the origination of loans and the payments made by you (borrower) to the lender.
  • If the value of the cryptocurrency assets crashes below the agreed threshold, an alert gets generated immediately.
  • Continuous monitoring of your crypto assets values that you have as collateral.
  • Until the fulfillment of the loan terms, your collateral remains stored.
  • Your collateral gets liquated of dispersed based on the terms of the loan.
  • It automatically sends maintenance calls.

SALT coin growth

The SALT market has constantly been growing after the successful launch of its ICO in August 2017. The total circulating amount of SALT coins in the market is 36,639,615 which the total supply of the coins is 120,000,000.

Currently, one SALT token is worth 4.69 USD, while this price is expected to go up to 24.524 USD in another year resulting in a potential revenue of as much as +422.89%. Hence, it could be a potential source of great revenue as far as long-term investment is concerned.

Can SALT coin be mined?

The SALT crypto is an Ethereum based ERC20 token which cannot be mined. The total 50M SALT cryptocurrency coins that are currently in circulation can only be bought via exchange with another cryptocurrency such as Bitcoin or Ethereum.

The remaining SALT crypto that is not in circulation yet is reserved for the team working for the platform’s development in the back-end.

How to buy SALT?

As mentioned above, it is impossible to mine SALT the same way as other coins such as Bitcoin are mined (through the proof of work algorithm). Since SALT coins do not carry this algorithm, the only way to get SALT is to buy them through an exchange.

Do keep in mind that you cannot buy SALT coin using the traditional fiat currency. Instead, you will have to exchange them for another cryptocurrency such as Bitcoin or Ethereum. These can easily be obtained from websites such as Coinbase.

As far as the choice of the exchange goes, there are plenty of options that one can choose from. Some of these are discussed below:

Top exchanges that support SALT

Binance >> Binance is one of the most popularly used cryptocurrency exchanges. There are plenty of tutorials regarding its use, available on the internet. Anyway, the interface that this exchange has is simple enough for even beginners to get used to. There is no deposit fee. However, it does charge 0.1% trading fee on the exchange.

Huobi >> Huobi is one of the leading exchanges in the world. It is also one of the largest trading platforms as far as bitcoin is concerned. It does not charge a deposit fee but there is 1% exit fee. Moreover, it also charges a trading fee of 0.2%.

Gate io>> Gate io is run by Gate technologies. It is also one of the most popular exchanges out there. It is rather more stable and free from glitches as compared to the other exchanges. Just like Binance, it does not have a fee for deposit however, it does charge a trading fee of 0.2% on the exchange.

Bittrex >> Bittrex is one of the most stable exchanges and one with the highest turnovers out there. Some people have even accused it of using pump and dump schemes. However, these allegations have not been proven. Nevertheless, it is quite a reliable exchange that supports all major cryptocurrencies. It does not have a fee for deposit, but it does charge 0.25% fee for trading.

How to get SALT token through Binance?

  1. Getting the SALT cryptocurrency through Binance is quite simple. You do not necessarily have to be an experienced trader in this regard. Deposited the funds in the Binance account.
  2. Locate the menu on the top right end of your window. Then, click on Exchange followed by Basic. Now, your screen will enter the basic trading mode for simplicity.
  3. Select the cryptocurrency that you want to do your trading in, from the cryptocurrency tab at the right.
  4. Choose the same cryptocurrency that which you have deposited your funds in.
  5. After the loading is complete, check out the selling/buying prices column on the left side of your screen. This column shows you selling prices, buying prices (in red) and latest sale price (the middle number).
  6. Click on Buy (a box below the graphics), to place your order.
  7. After successful placement of the order, you will see your funds appearing in the deposits menu.
  8. After your funds are fully loaded, you can immediately transfer them to an external wallet.

SALT wallets

The primary use of cryptocurrency wallets is to maintain storage of the funds and to send/receive funds. SALT does offer its own collateral wallet. Nevertheless, there are also some third-party options for you to choose from. SALT is ERC20 token thus can be stored on any ERC20 compatible wallet.

Among these, the most popular ones are listed below:

Metamask >>

Metamask is a browser wallet that is based on Ethereum. It offers a quick and interactive interface, which makes it very easy to use. It does not require a login and a password. Hence, your keys get saved in chrome rather than a private server.

Pros

  • Open source.
  • Hierarchically deterministic.
  • Easy to use interface.

Cons

  • No multi-signature option.
  • No two-factor authentication option.

MyEtherWallet >>

MyEtherwallet is an open source wallet which allows generation of a personal Ethereum based wallet, that which you can use to manage your SALT cryptocurrency.

Pros

  • Offers very high level of anonymity contains a high degree of anonymity.
  • Easy to use interface.
  • Open source.
  • High security.

Cons

  • No two-factor authentication option.
  • No multi-signature option.
  • Questionable reputation.

MIST >>

The MIST wallet is a well-recommended wallet for storing Ethereum coins. Since SALT offers an Ethereum class compliant token, MIST wallet can fully support the SALT coin.

Pros

  • Open source.
  • Good reputation.
  • Available on Linux.

Cons

  • Difficult to use.
  • Right version is needed at all times.

How to store SALT on myetherwallet?

In order to transfer/store your funds on MyEtherWallet, follow the steps below:

  1. Go to myetherwallet.com, enter a hard to guess the password.
  2. Click ‘Download Keystore File’. Once downloaded, back this file up in a USB or a working hard disk and store it somewhere safe.
  3. After that, you will get a powerfully unencrypted private key for your wallet. This is a highly confidential string of numbers that which you can never share with anyone. You may want to print it out and store it for greater safety and to avoid the risk of losing it.
  4. Now in order to open the new wallet, select the option ‘Keystore File’. Then upload the file (Saved in step 2) and enter your password for verification. You should see your wallet opened.
  5. A lengthy string of letters labeled as ‘Your Address’ will be visible to you. This is where you will be sending your SALT coins for storage.

To Sum it Up

Without a doubt, SALT is one of the most unique blockchain projects out there. Since the SALT ICO has been quite successful, it has had quite a nice boost to its reputation right from the very beginning. As an investor, you might find quite a good amount of profit by investing in SALT as its price is expected to rise in the coming years. Hence, you will certainly want to stay updated at all times. Nevertheless, since the SALT coin is a new cryptocurrency which still has a lot to go through, the public information related to it is also quite limited.

We hope to have provided you all the information that you were looking for. For more on current crypto trends, hot news, and information make sure to check out the other sections of our website.

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