Trade SALT - SALT Markets, Exchanges, Broker
The crypto currency aims to turn the credit system around, just as the crypto currencies themselves could change the way we handle money in the future. The SALT blockchain can store crypto currencies such as Bitcoin and Ether, which can then be used as credit. The crypto currencies are deposited as credit security and exchanged for Fiat money.
To use the blockchain you need a membership
One of the goals of the development is it to make granting of credit affordable also for those, which would fall normally by the raster of the banks. The SALT token is based on Ethereum and acts as a membership token. There are three levels of membership. "Base" costs only 1 SA/LT token per year, "Premier" 10 SA/LT and "Enterprise" 100 SALT. The higher the annual membership fee, the more possibilities you have with your account.
With "Base" only the allocation of US dollars is possible, with "Premier" also Euro, Pound, Yen and Renminbi. With "Enterprise" a currency conversion is ad-hoc feasible. In addition, the amount of borrowed money and the term of the loan increases. In addition, the token can also be used to pay interest, get better interest rates or buy things from the SAL/T online store.
To register with SAL/T, which stands for "Secured Automated Lending Technology", all you need to do is provide your first and last name and an e-mail address. However, in order to grant a loan, it is necessary to certify one's identity by means of an identity card.
Although the platform would like to be more accessible than normal credit institutions, it nevertheless endeavours to meet the US American standards of know-your-customer and anti-money laundering programmes. Nevertheless, the credit score of the user is not checked. Lenders benefit from the infrastructure, security and legal conformity of the blockchain. Normally the uncertainties of the crypto currencies have a deterrent effect on lenders.
They also have to pay for membership with coins. It is the lenders who set the conditions for granting credit on the blockchain. The borrowers deposit the security in the form of crypto currencies on the blockchain.
A Smart Contract then regulates the further process. The Smart Contract does not release the collateral until the loan has been fully repaid. SALT's own Oracle monitors the Smart Contracts and reacts accordingly if the value of the crypto currencies changes.
The blockchain should have its own wallet. The SALT Oracle Wallet stores and manages the crypto currencies. The wallet automatically monitors the payments and sends warnings if the value of the crypto currencies changes to such an extent that it could become a problem.
SALT Coin - Who is behind the crypto currency?
The leader behind the development of SALT Coin is Shawn Owen, a long-time entrepreneur and entrepreneur. As early as 2011, he spoke out in favor of Bitcoins and has been involved with blockchains ever since.
Co-founder Phil Cowan has 17 years experience in application architecture development and design solutions. For 7 years he worked as a web application developer and graphic designer at LSDI consulting, Wombat Interactive and ASAP Inc.
Ben Yablon brings 15 years of legal expertise to the project, gained at Atlas Law Group in the area of financial technologies and regulatory supervision. Finally, there is Erik Voorhoees, founder and CEO of ShapeShift, Satoshi Dice and Coinapult. In the meantime, other team members have joined the team.
These people came together in 2016 to form the company behind the development. The first company financing raised over $1 million, which was not enough. Then the founding members collected additional private money to start the development.