Update from SALT lending:
Dear SALT Community, Happy New Year!
SALT: Looking Back, Looking Forward
2017 was a formative year, both for SALT and for the blockchain space as a whole. We are honored to have the opportunity to serve the 50k members that have joined SALT’s community. As we continue to expand the launch of our Blockchain-Backed Loans™ we would like to take the opportunity to discuss what we’ve accomplished thus far as well as some exciting changes that members can expect in the coming months!
We launched our product rollout on December 28th, 2017 to enormous demand and a flood of loan applications. To date, we have funded $7,159,000 in business and personal loans secured by Bitcoin and Ethereum collateral! We are continuing to take a careful and prudent approach to the rollout of our platform and are closely monitoring every detail of these initial loans. This process has been, and will continue to be, invaluable in our efforts to test and improve the technology, systems and policies we’ve built. The efforts spent now will be crucial for SALT’s success in the future as we diligently work to address the more than $550,000,000 in loan requests that we received in the first week alone.
We appreciate our community’s patience as we invest the time and resources needed to safely bring this much needed, long-term lending solution to every one of our members. SALT owes its progress and success to our community- we thank you for your support, feedback, and involvement!
SALT Membership
SALT is dedicated to increasing the benefits we provide to our members, which means constantly striving to innovate our business as well as our platform. SALT relies heavily on feedback from our community to identify these opportunities for improvement. One such opportunity is the structure of membership, which has thus far combined origination fees, borrowing limits, products, features, and benefits into one of three tiers based on the redemption of SALT on our platform. The simplicity of this structure has been useful, but its lack of customizability and incremental borrowing limits has resulted in difficult tier choices for SALT’s members.
To address these issues, SALT’s membership structure will be significantly improved in the coming months. Members’ borrowing limits will be fully customizable and determined by the redemption of SALT. Each member’s tier level, benefits of their membership, and the terms of their loans will be determined and improved through a new paradigm called Proof-of-Access. The exact details of Proof-of-Access will be released soon, but we wanted to start off the new year with an overview of how it will impact our member’s experience with SALT.
SALT Membership & Proof-of-Access
Membership & Borrowing Limits
Individuals can purchase an annual Membership by redeeming one SALT, which includes access to basic member benefits, including $10,000 in borrowing. Members can increase their borrowing limit at any time and by any amount (up to $25m) by redeeming additional SALT.
Proof-of-Access
Members can choose to improve virtually every aspect of their Membership by increasing their Proof-of-Access (PoA) which is determined by the amount of SALT held on the platform or in a synchronized wallet. Whether a member is small or large holder of SALT they can improve their experience: incremental increases to a member’s PoA results in incremental increases to their benefits and value, such that holding even a small amount of additional SALT has a positive impact on a member’s experience:
Improved loan terms
Lowered fees for increasing borrowing limits
Lowered interest rates
Optimized loan-to-value ratios
Lowered costs on products
Increased referral rewards
Membership Tier Upgrades
In addition to improving their benefits and costs, increasing a member’s PoA also upgrades their Membership Tier from Base to Premier, Enterprise, or Platinum. Each tier upgrade gives members added access and rewards, like enhanced customer support, personalized products, special offers, and invitations to private events.
Increasing Proof-of-Access
We’ve created PoA as a mechanism to incentivize and reward members for contributing to SALT’s success. Purchasing, redeeming, and holding SALT is not, however, the only way that a member can contribute to SALT. Because of this, we’re providing a number of additional ways for members to increase their PoA.
Promoting SALT on social media
Referring friends to become members
Being actively involved in SALT’s community
Repaying loans in a timely manner
Identifying and reporting bugs/malfunctions
Thank you for being a member of our community,
The SALT Team
Proof-of-Access FAQs
How will members be able to use SALT after Proof-of-Access is implemented?
SALT can be redeemed for annual membership, higher borrowing limits, and any of the products or services provided by SALT.*
SALT can be used to make monthly payments of principal and interest on active loans, valued at the current retail price.*
SALT can be held as Proof-of-Access (either on the SALT platform or in a synchronized wallet) to gain access to improved loan terms and product costs; exclusive features and products; and enhanced service and benefits.*
*Terms and conditions are subject to change and limitations. Final terms determined at the origination of each loan.
How do I participate in SALT’s Proof-of-Access?
In order to participate, members will simply need to hold SALT in their account on our Platform, or in a synchronized wallet (details of available synchronized wallets will be coming soon).
Will I have to purchase SALT directly from the platform in order to participate in Proof-of-Access?
No. A member’s Proof-of-Access can be attained by holding SALT on the platform or synchronized wallet, regardless of where they were purchased.
When can a member get their SALT back if they are used for Proof-of-Access?
The amount of SALT that a member chooses to use for PoA is locked until the completion of all active loans. As soon as a Member repays their outstanding balance(s), they can access their SALT and withdraw, redeem, or leave in their Proof-of-Access.
What will happen if I’ve already redeemed SALT to upgrade my membership Premier or Enterprise?
Any member that has already redeemed SALT for their membership will have the option to keep their membership tier and borrowing limit as it stands. Alternatively, they will be able to switch to the new Proof-of-Access model when it is implemented.
How much will a member be able to improve their experience (interest rates, loan-to-value ratios, terms, product costs, referral bonuses, etc.) through Proof-of-Access?
The precise details of how much a member can improve the terms of their loans will be released as we get closer to launching this feature.
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