SaluS project purpose and description
What is SaluS?
SaluS (SLS) is an open source and decentralized blockchain network designed with a profit-based approach to help raise the net asset value of crypto coins. It was created to operate on an experiential basis. The net asset value (NAV) is the sum of an asset valued correctly and less all the associated liabilities.
The profit-oriented approach of SaluS has made it include some transaction fees such as the Foundation TX fee that is pegged at 0.001 SLS. The fee is used to reward the clients. When the project was launched, a total of one million coins were released. To trade or use SaluS, you are required to hold at least 50 SLS.
The SaluS coin has been performing relatively well in the market. In January 2016 when the coin debuted in the market, its price was only $0.02. It remained within this range for about one year and started rising in April 2018 when the price broke above the $1 mark. On December 24th, the price had skyrocketed to $120.0, a whopping 599,900% growth. But this was short lived as the prices sharply fell to $16.7 in August 2018.
The rise was caused by the sudden rise in demand of most cryptocurrencies towards the end of 2017. However, a lot of people have been skeptical about the cryptocurrency because of its unclear operational model. This was the reason for the sharp drop between December 2017 and August 2018.
What is the problem that SaluS Solves?
Many cryptocurrencies in the market today are built with one core objective; to help advance the blockchain technology. SaluS project is aimed at helping to bring more value to the digital coin holders. In their website, they indicate that the idea was born of necessity to assist people in the crypto community trade more profitably. Here is a closer look at the core problems associated with trading cryptocurrencies that SaluS wants to address.
- Poor understanding of the markets: While the cryptocurrency trading platforms in many cases have been likened to the forex markets, the underlying factors are very different. From the experienced to new traders, cryptocurrency markets are very unpredictable. The problem is compounded by the fact that cryptocurrencies are still unregulated. This implies that even poorly designed tokens can easily enter and sweep the market off the ground in no time.
- Lack of ample trading tools: Unlike the forex markets that have been around for ages, cryptocurrencies were only introduced in 2009 when Satoshi Nakamoto launched Bitcoin. Therefore, the markets, as well as their associated trading tools, are still in infancy. This means that market analysis and proper decision making is still an uphill task.
- The fast-changing cryptocurrency markets: The cryptocurrency market has been changing rather fast. It responds to every piece of information in the financial, regulatory, and cryptocurrency niches. As these parameters change, the price and value of the targeted cryptocurrencies also shift.
How does SaluS Solve the problem?
While the problems that SaluS targets to address are clear, its approach has not been conclusive. Though it is true that the cryptocurrency was launched on an experimental basis, the succinctness of the approach compared to other networks such as Ethereum and Ripple is indeed lacking. Here are some of the methods adopted by SaluS.
When users join the SaluS network, they are required to own some native tokens. The network requires all nodes to hold a minimum of 50 SLS for a period no less than 8 hours. Holding the tokens and being part of the network is considered part of supporting the system. Therefore, you will get rewarded in SLS.
When nodes hold the SaluS coins, they are entitled to get an interest of 1%. The profit is meant to help motivate the nodes to continue supporting and being loyal to the network. All the interest paid to the nodes comes from the SaluS reserve that holds the profits generated in the network. SaluS indicates that it channels all the profits to the reserve to promote a growth-oriented approach. It also targets to provide users with a low inflation rate.
This approach has been criticized in many platforms because it is seen as a form of centralization. Though SaluS commits to paying the nodes an interest, there is no clear mechanism for achieving it. It is indeed a perilous approach considering that some networks such as Burst have seen the initial founders disappear leaving the network without a lead.
Direct technical analysis
Any type of currency trading, whether forex or crypto-based, requires correct analysis of the market. The SaluS technical analysis and charting are meant to help users predict direction and trading signals of the market. The focus is on providing members an edge in the current market.
ICO related and token sale news analysis
When new ICOs are released, a lot of people flock to the markets to get their share before the prices shoot up. But this has also become an easy target for a pump and dump tokens as well scammers. Now, people have been wondering how to identify the right ICOs and leave out the fake ones. SaluS provides a comprehensive analysis of various ICOs so that investors do not invest in projects that will result in losses.
Providing advanced trading tools
If you are new in the cryptocurrency markets, trading can be a difficult thing. Many people keep wondering where to start and how to go about it. However, SaluS targets to help traders get a softer landing when they decide to join the market by providing advanced trading tools. The tools are meant to assist users to see the market from both short and long-term perspectives before making their moves.
What makes SaluS better than its competitors?
When SaluS was founded in 2016, the creators targeted to provide a new model that would help users realize higher value by joining the network. But this puts it in direct competition with thousands of competitors fighting for the same space. Here are some of the main reasons that make SaluS better than its competitor.
- SaluS cryptocurrency, unlike other coins, provides users with an annual interest of 1% from the reserve. This implies that you are sure of growing the overall value by simply holding the coins. It makes the cryptocurrency a great investment option that could easily rival most financial institutions in the market today.
- The cryptocurrency value has grown steadily and delivered good return on investment. This makes it one option for people targeting to join the crypto niche and invest in cryptocurrencies. Between January 2016 and close of August the price of SaluS coin grew with more than 90,000%. This is very unique because most of the cryptocurrencies were reporting negative growth.
- SaluS platform provides users with the best opportunity to operate anonymously. Unlike banks where user’s details, transactions, and balance are known to many parties such as cashiers and bank management, it is only the user who knows about account details. The node’s information on the SaluS platform is encrypted so that even the miners who confirm transactions can only follow back the public address and not the individual user information.
- To motivate users, SaluS provides the top ten addresses with exclusive access to transaction and currency trading. This helps them to evaluate the market and make the right decisions easily. However, this model can also demotivate other people who fall below the top addresses in the SaluS platform.
- The cryptocurrency uses a hybrid consensus model of proof of work (PoW) and proof of stake (PoS). This model helps the network to deliver the benefits of both consensus algorithms to the users.
- If you want to trade SaluS on the markets, it provides advanced trading tools that help to customize trading, monitoring and alerting tools. This makes it different from other cryptocurrencies that only concentrate with the native tokens. The trading information has been very helpful especially for newbies who still need insights on optimizing profits from crypto trading.
How can SaluS be categorized?
SaluS is a highly ambitious project that focuses on a high potential niche. As more people join and accept cryptocurrencies, trading them in the exchanges is becoming very important. The focus of the project has resulted in its current price growth in the markets. However, their approach to crafting or collating the tools to help users trade profitably still remain unclear.
What’s SaluS’s vision on Security?
SaluS vision for security is to become the most secure platform for users who want to optimize the net asset value (NAV) of their crypto coins. The development team targets to achieve this through a decentralized approach to promoting value for users’ tokens.
The development team indicates that it is always working on improving the network to protect users’ information and their native assets. Apart from indicating that it will use both proof of work (PoW) and proof of stake (PoS), it does not provide additional information on how the security vision will be achieved.
Examples of SaluS’s use cases / applications
When Satoshi Nakamoto launched the first blockchain based cryptocurrency, Bitcoin, he wanted to demonstrate that a decentralized digital coin can be used just like the standard fiat. As more cryptocurrencies enter the market, their uses have also diversified. Here are the main use cases for SaluS.
- As a decentralized cryptocurrency network, SaluS allows users to send value on a peer2peer basis. This implies that users are able to send value directly without involving centralized institutions such as banks. Because the value of SaluS coin is still relatively low compared to other top cryptocurrencies such as Bitcoin and Bitcoin Cash, the transaction cost is still very low. However, the transaction cost pegged at 0.001 could easily go up when the value of SLS goes up.
- Trade SLS in the markets. If you have been trading in the forex markets and want to try something different, a great option is the cryptocurrency markets. These are crypto-based trading platforms that operate like forex markets but use digital coins as opposed to fiat. To trade SLS coins, you need to identify the right market, open a user account, and pair the token with another coin such as Bitcoin or Ethereum.
- Use SaluS coin to make purchases in online and conventional stores. As the blockchain sector continues growing at a rapid rate, more stores are coming out to accept the digital coins as a direct method of payment. You only need to identify the stores that accept the tokens to make a purchase. Note that even if the store accepts a different coin, you can still purchase by converting SaluS coin in the exchanges.
- Use SaluS coin to pay for your taxes. Unlike a few years back when many countries cautioned their residents against using cryptocurrencies, things are changing. More jurisdictions are now opening up and allowing their residents to use cryptocurrencies. In Singapore, the government indicated that there is no difference between making payment in cryptocurrencies and fiat currencies. Besides, the state of Arizona is now allowing citizens to pay taxes using cryptocurrencies such as SLS after the passing of HB 1091 into law.
- Use SaluS coin to game in the casinos. The gaming niche has particularly found SaluS to be highly reliable because of its commitment to growing the asset value. Therefore, you can gamble with SaluS coin in casinos such as Bitcasino, BC Casino and Directbet.
SaluS is a highly ambitious project with a lot of potential to propel not just its native coin to higher levels, but the entire blockchain too. This is the reason it has performed relatively well since launch in 2016 despite carrying the tag “experimental” project. But the market and investors are worried that the project does not provide all the structures needed to support its operational model.
The crypto community appears torn into two. Even the investors who are joining the market have indicated that they like the concept but the implementation mechanics are wanting. The platform will need to shed the experimental tag and showcase its commitment to users through comprehensive structures for faster growth amid growing competition in the industry.