Dear ATOMARS Community,
We are pleased to announce the listing of the SALT (SALT) on ATOMARS exchange. SALT (SALT) deposits are effective starting from October 14th, 2019 and the following trading pair will be available: SALT/BTC.
SALT PROJECT SUMMARY
Salt (SALT) is an ERC-20 compliant token, which means it is Ethereum blockchain-based. Salt is a platform created specifically for lenders and borrowers. Four major cryptocurrencies are used on the platform as collateral for cash loans: Bitcoin, Ethereum, DogeCoin and Litecoin. Salt lending offers three kinds of memberships, which are Base (1 SALT yearly), Premier (10 SALTS yearly) and Enterprise (100 SALT yearly). The maximum loan amount against each membership is $10,000 for Base, $100,000 for premier and $1,000,000 for Enterprise. The Loan process begins with lenders posting the terms for the user. The borrower then deposits crypto assets to the multi-signature smart contract. Fiat currency in cash is deposited into the borrower’s account. The borrower pays monthly interest on the loan and on completion of the loan repayment, all crypto assets held as collateral are returned.
Salt lending creates smart contracts for each loan by using the Salt Oracle. The Salt Oracle also monitors the value of the cryptocurrencies that are being held as collateral, and can generate alerts when they drop below a certain limit and liquidate them according to the loan terms.
SALT Lending Holdings Inc is responsible for regulating the Salt Lending platform. The company was founded by Blake Cohen, who is also the founder of Broker Associate. The current CEO of SALT Lending is Shawn Owen and the team consists of 17 other members. The group also has four advisors.
SALT (SALT) FEATURES
Salt offers exceptional security for crypto transactions by providing the following:
Cold Storage: Platform keys are generated and stored offline, with transactions also being signed offline. This reduces and almost completely eliminates cyber security threats by hiding keys from any device connected to the network.
Multi-Signature Process: This ensures funds are not moved by a single party. Funds are secured against internal and external threats through key encryption and layers of distribution.
Safeguards: Cryptoassets are protected by a safekeeping framework technology. Notifications are sent before any fund transfer is initiated to let you review transaction details
Short for Secured Automated Lending Technology, the multi-signature blockchain wallet stores collateral and enforces lending terms automatically. Some of the things the wallet can do include monitoring loan obligations and borrower payments to the lender, monitoring the value of blockchain assets held as collateral, sending alerts if the value of the blockchain assets drop below agreed thresholds, storage of collateral until the loan is fulfilled and more.
An important feature of SALT is its notification system. User accounts are monitored throughout the day and notification preferences can be chosen. Free, personalized messages are sent out in real-time through push notifications, SMS, email or a phone call.
The Salt Lending real-time system reports loan health (in Loan-to-Value ratio) throughout the life of the loan. Their industry-leading tools ensure that users stay informed and manage risks or opportunities associated with their loan.