SaluS is a cryptocurrency based on an open source, decentralized Blockchain. The cryptocurrency works by utilizing built-in features as well as features of other cryptocurrencies. It was developed with the primary goal of increasing the net asset value through a number of ways such as trading, buying back and investing in other stocks.
History of SaluS
The SaluS cryptocurrency was launched in January 2016, followed by an Initial Coin Offering in June of the same year. Since its inception, nothing much new has been presented. 1 million SaluS coins are currently in circulation. To trade in either of the coins, one needs to have at least 50 coins.
SaluS is described as an experiment, and the fact that there has been no further development since its launch in 2016 suggests there is only a single developer behind the project. There is also no information on the project's website about the developer.
Initially, there were discussions about a Kickstarter campaign as well as affiliate programs, mining and multiples, cloud stacking and transaction fees. Information about the same has not been forthcoming.
How SLS Works
In addition to being a profit-oriented project for increasing net asset value, SaluS seeks to help users conduct business in a safe and profitable manner
The platform has a large pool of reserves which includes fees such as TX fees which are 0.0001 coins per transactions. Users of the coins receive rewards in a process called staking on using the coins. One way to earn rewards in the network is to run a node or by holding SLSC coins for a minimum of 8 hours. The maximum time for holding the coins is unlimited.
When staking, it is possible to utilize a special cloud staking service that charges a 5% fee on stakes. Some of the cloud staking platforms on offer include HyperStakem, Noble, and RateCoin.
An annual interest fee of 1% is also on offer for people holding SaluS Coins. The Company behind SaluSCoins has been raising funds through a number of ways including by launching an Initial Coin Offering and selling stakes. To date, the company has raised at least one million SLS and BTC which have been distributed among users based on the percentage they invested.
The amount of coins generated is used to improve the user experience, customize the wallet, and optimize block size. The company also keeps some SaluS in reserves to increase their net asset value. It also gets some funds from transactions even though most of the funds generated this way are used to control inflation.
Since inception, about 3,000 new SLS coins have been created through Proof-of-Stake, an algorithm by which Blockchain networks achieve distributed consensus.
Mining SaluS Tokens
MinerGate, LTCrabbit, and CoinKing.io are some of the popular platforms on which SaluS coins can be mined. The minimum hash rate for mining the coin currently stands at 1000H/S. Another way of acquiring SLSC coins is through a digital currency exchange platform.