This week Shannon Grinnell, host of the “Speaking of Crypto” podcast spoke with our COO Jenny Shaver for the first episode of her new series, “Women in Crypto.” The series will air each Wednesday and will highlight women in the crypto space who are making waves and challenging the status quo in a predominantly male industry.
In this episode Jenny and Shannon discuss Jenny’s experience at American Express, her thoughts on Libra, SALT’s ability to collateralize the Dash associated with a Dash masternode, and what it’s like to be a woman in a C-level role at a crypto startup. She describes how crypto is a mashup of two traditionally male-dominated cultures — Wall Street and Silicon Valley — and how she feels empowered by our opportunity to be radical — not only in terms of the technology we build, but in who builds it.
“We have the opportunity to break down old ways of thinking and being. That’s where it feels empowering to me. I feel a responsibility as a woman in the space to rewrite the rules, rewrite the narrative and the assumptions around women thriving — not just in the financial or tech industries but in a highly volatile, competitive, complex space where you traditionally don’t see women in these high-risk places. But here we are and we’re thriving.”
Jenny also shares the best piece of advice she’s ever received and how she applies it every day to her current role at SALT: “Don’t ever sit in the back, be present. When you’re at a meeting, sit at the table and make sure you speak. Make sure you’re heard and that you have a voice.”
Listen to the full interview below to learn more about Jenny’s experience and perspective on the future of crypto.
Recently we announced the support for Dash as collateral for loans, a feature we were excited to release given the demand from you along with the cryptocurrency’s potential to further financial inclusion around the globe.
Our VP of Product and Marketing, Rob Odell, recently spoke with Dash News about the platform, noting that $100,000 worth of Dash could secure a loan up to $70,000 — perfect for situations where you require cash but are reluctant to sell your cryptocurrency.
Rob qualifies the addition of Dash as “one of the most innovative inclusions that we’ve worked on since the launch of the platform.” We’ve integrated it in such a way that, while custody of the Dash itself is delegated to our platform, you retain the masternode rights so you can continue to earn payouts and voting rights from staking. With comprehensive insurance and the benefit of not commingling assets, this further ensures that SALT can provide you with highly secure storage options — something that may be more convenient and less risky than taking custody into your own hands.
This ability for you to maintain your masternode status, while utilizing your assets as collateral is an industry-first, and Rob dives into this further with Joël.
Listen to the full interview for more details and follow these step-by-step instructions to custody or borrow against your Dash with us and still run your masternode.
As part of our commitment to supporting the Dash community, we’re excited to announce our partnership with NODE40, the blockchain masternode hosting and monitoring provider. The partnership will provide expanded loan options for DASH masternode owners in tandem with the Dash community’s first masternode hosting service.
Given its long-term viability, its numerous use cases, and its level of adoption, Dash is an appealing collateral form for SALT’s platform. In our April 2019 announcement, we affirmed our commitment to support the Dash community and its mission, noting our respect for Dash’s two-tier network that uses masternodes to maintain the viability of its blockchain.
“Our development team has made a technological breakthrough and has advanced our mission by unlocking value and liquidity in cryptocurrency assets through collateralizing the Dash connected to masternodes,” said Rob Odell, VP of Product and Marketing at SALT. “Dash has quickly become our second most popular collateral option behind bitcoin and the community has reacted positively with a high volume of loan applications. We’re excited to work with NODE40 to increase our support for the Dash community and provide innovative solutions and services for masternode holders to get the most out of their assets.”
A Dash masternode serves to expedite transactions and scale the network by relaying them over a second-tier network. While Bitcoin’s second layer is an off-chain solution to scale, Dash runs an on-chain second layer using masternode operators who are incentivized by the network like miners in bitcoin. In March 2015, NODE40 was the first company to provide network infrastructure to host masternodes. According to dash.org, each masternode pays out approximately six Dash (currently just over $1000 USD) per month in mining rewards.
“Our companies’ shared dedication to customer service naturally brought us together when a mutual client wanted to take out a fiat loan using their masternode’s Dash. What attracted us to SALT was the caution with which things are done; they have a solid reputation of doing things by the books,” said Perry Woodin, Co-Founder and CEO of NODE40 and a Dash Trust Protector. “Having been a part of Dash from early on, we tend to do things conservatively, and that was important to us when evaluating how a loan is backed and if our customers would be protected in the case of an audit. With SALT we share the vision of being cutting edge while playing by the rules not only to protect ourselves, but to bring legitimacy to the industry.”
DASH holders must prove ownership of 1,000 DASH to obtain masternode status and have the right to vote on treasury proposals and receive recurring payouts. However, if at any point, the Dash is moved, the node will be brought offline and will downgrade immediately, stripping the node of its master status. With SALT’s new system, Dash holders can move their Dash to our platform and maintain their masternode status as well as their voting and payout rights, all while using the associated funds as collateral for a loan.
The key to this software integration comes from a recent Dash update, DIP3, which introduces pro registration transactions. Instead of referring to another transaction from the network to sign a message as proof, a “proreg tx” refers to an output produced by the transaction itself, which in turn acts as proof of ownership. Dash holders can now collateralize the Dash connected to their masternodes by parking their funds in our insured cold storage — the signature used to move those funds validates ownership, allowing users to continue participating in the network.
We’re proud to announce that we now accept DASH as collateral.
Better yet, if you own DASH that’s being used for a masternode, we’ve also developed a way for you to maintain your masternode status, voting rights and payouts and still use it as loan collateral. To do so, follow these instructions before you deposit your DASH into your SALT collateral wallet.
Like other cryptocurrencies, Dash enables anyone, anywhere in the world to make quick, easy and cheap payments at any time without going through a central authority.
Given its long-term viability, its numerous use cases, and its level of adoption, Dash is an appealing collateral form for our platform. Aside from that, we chose Dash as our next collateral type for two primary reasons:
We support the Dash community and its mission
We respect Dash’s two-tier network and use of masternodes to maintain the health of their blockchain
The Dash Mission
In his interview with Cointelegraph, CEO of Dash Core Group Ryan Taylor notes that Dash offers “tremendous value to society,” particularly for people that live in areas with minimal financial freedom and poor quality financial systems: “I would love to see Dash first adopted in some of the poorest and most financially oppressed markets in the world, so that as Dash grows, we bring those people up with us.”
By providing increased financial freedom, secure technology, and irreversible, speedy transactions, Dash is increasing access for people to participate in the global economy regardless of where they’re based. We support this mission and recognize it as one of the most significant ways blockchain technology can change people’s lives — and the world — for the better.
The Dash Network and Masternode System
In a separate, more recent interview with Anthony Pompliano, Taylor explains the concept of masternodes and how unlike the Bitcoin protocol, which allocates 100% of the network’s revenue toward mining, the Dash protocol is designed such that the block reward is split into three parts: 45% of the revenue goes to miners and 45% goes to masternode operators who service the network. The remaining 10% goes to a proposal system where the proposals are voted on by the masternode operators and the highest ranking proposals pay out as part of a monthly budget. This two-tier infrastructure ensures that network participants are incentivized to “keep the network happy.” Masternode operators in particular have a vested interest in doing what’s best for the network to maintain its health.
In explaining the masternode system further, Taylor notes that you have to prove ownership of 1,000 DASH in order to obtain masternode status, though he makes it clear that “as soon as that money is moved, your node downgrades immediately.” While that’s true in most cases, we’ve developed a way for you to maintain your masternode status even after you move your Dash to the SALT platform.* With these step-by-step instructions, you can custody your Dash with us and still run your masternode.
For questions about taking out a Dash-backed loan or to custody your Dash with us, visit us at https://saltlending.com/ or call us at +1 720–897–3710.
Dash used as collateral for a loan with SALT may be liquidated, in whole or in part, according to the terms of your Loan Agreement. SALT is not responsible for maintenance of a masternode or any disruption to or downgrade of any masternode for any reason, which may result from a liquidation of loan collateral or any other applicable term or terms of your loan agreement.
Salt Lending LLC: Salt Master Fund II, LLC – NMLS 1711910
This website contains depictions that are a summary of the process for obtaining a loan and provided for illustrative purposes only. For example a one year $10,000 loan with a rate of 6.00% APR would have 12 scheduled monthly payments of $861. There is no down payment required. Annual percentage rates (APRs) through the website vary. The use or access of the website or platform does not guarantee the availability of any current and/or future offer, promotion, terms, loan, or return. Additional terms, conditions, requirements, suitability, and screenings, among other restrictions, may apply at the sole discretion of Salt. Salt Lending LLC’s loans are issued pursuant to private agreements. You should review the representations and warranties described in the loan agreement.
Available rates and terms are subject to change and may vary based on loan amount, qualifications, and collateral profile. Other terms, conditions, and restrictions may apply.
Individual US citizen borrowers must be a permanent resident and at least 18 years old (or local age of majority).
Valid bank account and social security number/FEIN are required. Borrowing against collateral entails risk and may not be appropriate for your needs. Not FDIC-insured; investments may lose value; no Salt or bank guarantee. Salt does not provide legal and/or tax advice. Please consult your advisor.