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WaBi Coin Cryptocurrency – The Ultimate Guide
Our WaBi coin guide will tell you everything you need to know about this exciting cryptocurrency project. We’ll explain what WaBi is, how it’s trying to make the world a better place and give our opinion on the project. TotalCrypto urges caution before making any cryptocurrency investments and we encourage you to do your own research.
- 1 What Is WaBi?
- 2 How Does It Work?
- 3 How Big Is The Market WaBi Aims To Serve?
- 4 What New Opportunities Can WaBi Bring To Retail?
- 5 How WaBi Can Shake Up Loyalty Programs
- 6 How The Project Solves Loyalty Program Problems?
- 7 How Is WaBi Coin Used?
- 8 The Team
- 9 The Future Of WaBi
- 10 The WaBi ICO
- 11 Should I Invest In WaBi Coin?
- 12 Want to Buy WaBi Coin?
- 13 Conclusion
- 14 Resources
What Is WaBi?
WaBi is a supply chain tracking and loyalty program solution. Products are tracked all the way from the factory of manufacture to the store shelf the product is sold from. The journey of the product is stored and secured by blockchain technology. In the past such technology was only economically viable for high value items like diamonds. WaBi have innovated and have made this level of tracking cost effective for typical consumer products, such as baby milk and cosmetics.
The projects goal is to to eliminate counterfeiting. Many people think of counterfeiting as a harmless crime, with counterfeiters focusing on things like knockoff handbags. This cannot be further from the truth. In 2004, fake baby milk entered the Chinese supply chain and this resulted in 63 infant deaths. In 2008 the same thing happened again, resulting in 6 infants killed and 300,000 hospitalisations. The World Health Organisation also estimates that 64% of pharmaceuticals in Nigeria are fake. Counterfeiting is a real problem and the OECD estimates that $461 billion in counterfeit products enter the global supply chain annually.
The WaBi supply chain tracking solution digitalises products. A data entry is created for every stage of the products journey, from the manufacturing factory, to transportation hubs and finally to the store shelf. This data is all secured by blockchain technology.
The digital and physical product is linked through the use of RFID labels created Walimai. These labels are robust enough to remain securely fastened to products throughout their journey and resist accidental breakage. The label has also been designed to break easily if anyone attempts to tamper with the product.
How Does It Work?
Walimai labels are attached to products at the factory of manufacture and scanned at every stage of their journey through the supply chain. The geographic location of the product is recorded, each label is entirely unique and also has a dynamic code.
When the product is on the shelf at the store, customers can scan the Walimai label with the WaBi app and view it’s entire journey through the supply chain. If there are any data discrepancies the app will warn the customer that the product has been compromised. An example of a data discrepancy might be that the product should have been delivered to a different store and the geographical location of the physical and digital product do not match.
The technology gives customer piece of mind that they are buying a legitimate product. When it comes to products that could cause harm, people tend to be willing to pay a premium for this assurance.
How Big Is The Market WaBi Aims To Serve?
The market for WaBi’s supply chain tracking product is immense. Even if you look at just four industries at high risk of counterfeiting in China alone, the market is worth $420 billion annually.
Although WaBi is a Chinese project, there are significant opportunities globally. Counterfeiting is a global problem and requires a global solution. Maybe WaBi will be it?
What New Opportunities Can WaBi Bring To Retail?
The Walimai label gives customers the guarantee that the product has not been tampered with. It doesn’t matter if the product is being sold in a Shanghai mega store or in a rural open air market – the customer still knows what they are buying. Being able to authenticate products opens up new trade opportunities eg peer to peer sales through the use of social platforms like Facebook. The problem in the past is that customers buying items through these channels were never sure if what they were buying was a legitimate product. With WaBi, customers can authenticate products and seller trust is less important.
WaBi also makes life easier for manufacturers. Supply chain custody is a complex and resource intensive process. With WaBi, manufacturers can enjoy a simplified process and enjoy a high level of product control and distribution. This can potentially eliminate the practise of regional arbitrage, where a distributor takes advantage of regional price differences. This is good news for both the customer and the manufacturer.
Walimai labels may also change customers shopping habits. The label is a guarantee of product authenticity and quality, it is likely customers will choose WaBi secured products over those that are not.
How WaBi Can Shake Up Loyalty Programs
Loyalty programs are common, but almost all of them are broken. Chances are that you have over a dozen loyalty program cards in your wallet and find them hard to keep track of. Traditional loyalty programs have a swath of other issues for customers:
- Points are maintained and honoured at the discretion of the issuer. Yes, some companies choose not to honour the points they credit customers.
- Points usually have a time limit in which they must be used. There is nothing more annoying for a customer than discovering that their hard earned points have expired.
- Points are almost always non transferable. We have to ask ourselves why? They are your points, why can you not give them to whoever you want?
- Even the largest points programs have very few partners in other industries. This limits how customers can spend rewards.
- The policies of loyalty programs are constantly changed with little warning. Franky, most are also exceptionally difficult to understand.
So customers are not getting great value from traditional programs. Businesses must be doing well from them right? Maybe not:
- Loyalty programs are one of the most expensive ways to acquire new customers.
- Loyalty program points are not used by customers very often. This means that companies can have huge point liabilities.
- Program complexity means that companies have to build complex point systems. This is a burden on their development resources.
- There is little potential of sharing loyalty programs with other businesses due to data sharing regulation.
How The Project Solves Loyalty Program Problems?
With Wabi, there are no data sharing concerns between businesses. As blockchain technology is used, it is the customer that own their own data. This means businesses in many different industries can share the Wabi loyalty program and gives customers greater flexibility where they spend their rewards.
As customers own the WaBi coin, this means that there are no balance sheet point liabilities for businesses. Customers earning rewards have complete control and can transfer their loyalty coins to anyone they choose. WaBi coin also never expires, so customers will never again face the disappointment of expiring points. With this sytem, gone are the days of restrictive loyalty programs.
The WaBi loyalty program also has another function. It encourages users to scan items to earn coins. By doing so, the customer is actually authenticating the scanned product and contributing to WaBi system security. For example, if a specific product is scanned and its physical location and the one in the supply chain record doesn’t match, then authenticity of the product must be called into question.
The loyalty program and fear of fake items pushes customers to actually scan products and authenticate them. This system actually solves the problem of cost effective coin adoption and gives the coin value.
How Is WaBi Coin Used?
The WaBi coin is the unit of Walimai’s loyalty program and this loyalty program can be used by all retailers using the WaBi supply chain tracking system. Customers can then earn coins by buying Walimai protected products. The coin can also be spent on Walimai protected products as well.
If a customer doesn’t have access to or want to buy a Walimai protected product, then they can sell their coins on a cryptocurrency exchange and realise their value.
The WaBi project is an exciting one that can solve a serious problem in China and the wider world. A great vision is one thing, but investors need to see an awesome team capable of making it all happen. The team is 10 members strong and can also draw upon highly qualified advisors. We will focus on the projects founders and give you a brief overview of the projects advisors:
- Co-founder & CEO – Alex Busarov: Alex graduated from the London School of Economics in 2008 and went on to co-found LBSolutions, before joining consultancy firm McKinsey. At McKinsey, Alex devised investment strategies for $1bn venture capital funds, global power distribution strategies, conducted due diligence on a logistics company worth $5 Bn and much more. After leaving McKinsey Alex went on to found the Chinese fundraising platform Earlybird and then acted as a strategy and sales director for a leading global baby food company. Here the concept of WaBi was born and Busarov begun embarking on the mission to ensure that the China baby powder scandals could never happen again.
- Co-founder – Yaz Belinskiy: Yaz graduated from the London School of Economics and did a masters at Oxford. He then went on to hold business development and e-commerce management positions before co-founding Walimai and WaBi with Alex.
- Advisors: The WaBi project has four top quality advisors that they can draw significant expertise from:
- Igor Livant: VP for Investment at ELF AG. Former executive director at Goldman Sachs and Associate Principal at McKinsey.
- Mario F. Pazos: COO at Pazos Law Group and former Vice President and Regional Prepaid & Personal Payments Head at MasterCard.
- Long Chiu: Head of Digital Channels at the InterContinental Hotels Group.
- Mark Zavadskiy: Business Development Director at Aliexpress (Alibaba Group).
The Future Of WaBi
Counterfeiting is a massive global problem that is costing lives. Traditional loyalty programs are also not fit for purpose and are ripe for disruption. The project marries these two problems and provides a single solution. TotalCrypto believes that supply chain tracking is one of the best applications of blockchain technology and that the team have the experience necessary to make waves in this niche.
WaBi coin is a cryptocurrency with a working product to back it up. The Walimai labels have already been manufactured and are being used in stores in China. In July 2016 the project launched their consumer app on the Apple and Google Play stores. The project has already onboarded some stores and businesses, but many more are required to make WaBi run at scale.
China is a huge market, but the technology and loyalty program solution can work just as effectively in any country in the world. To create a global footprint, WaBi needs to make the right partnerships and continue expanding their network.
TotalCrypto is exceptionally optimistic about the future of WaBi coin. We believe the project is one of the few that can make the world a better place and has exceptionally sound business logic. We will let WaBi outline their own roadmap, it’s on you to decide if you find it exciting and worth investing in:
The WaBi ICO
The WaBi ICO took place on the 30th November 2017 and raised $11.5M. The project also got backing from popular cryptocurrency YouTubers like Ian Balina.
Should I Invest In WaBi Coin?
Only you can make the call on whether to invest in WaBi coin, it’s your money. However, we are happy to give you our thoughts on the project:
- If you want to invest in ethical cryptocurrency projects then WaBi coin ticks all the boxes.
- Supply chain solutions are the perfect application of blockchain technology.
- This project has a working product and the solution has already been used in 3 Chinese baby stores.
- The market WaBi is operating in is very valuable and adoption levels are likely to be accelerated, due to consumer fear of potentially life threatening fake products.
- Current loyalty programs are annoying. WaBi coin offers a better alternative which makes sense and offers better value.
- Adjustments needed for pharmaceutical products are due for completion 2018. This industry is massive and is certainly one where WaBi can add real value. TotalCrypto is excited about the potential this industry offers the project.
- The project needs to expand its network of stores in China. The project will fail if WaBi doesn’t build a significant network of stores using its solution.
- It still remains to be seen if WaBi can scale globally and if other countries will see the value in the technology.
Want to Buy WaBi Coin?
The best way to buy WaBi coin is through Coinbase and Binance. Need to be shown how? Luckily, we have created a step by step guide on how to buy WaBi coin on Coinbase and Binance.
The TotalCrypto Team love WaBi. The project is looking to serve an enormous market and solves two big problems. For both of these issues, it makes sense for them to be on the blockchain.
China is a massive market in it’s own right, but we are excited to see if WaBi can make inroads into Western markets in the future. The project has the potential of being global and we see potential for it to be adopted in many more industries, such as gourmet food.
Only time will tell if WaBi can pull it off. However, unlike other projects they have a working product. It’s now mainly about what partnerships they can form and get to use the solution.
Disclosure: The TotalCrypto Team hold a position in this cryptocurrency.
Below we’ve listed some key resources relevant to WaBi coin.
? Safest WaBi Coin Wallets
Hardware wallets are the safest crypto storage solutions available. These wallets store your private keys and do not expose them to the outside world, making your crypto as safe as possible. Maybe you should treat your crypto like the million dollars it could well be worth one day?
Can’t decide if Trezor or Ledger is best for you? Just check out our Ledger Vs Trezor comparison guide.
? Best Free Wallets
As the coin is an ERC-20 token, you can use an Ethereum wallet.
? Best Apps To Track Your WaBi Investment
Taking on counterfeiters with a blockchain solution may sound like an amazing idea, but do you need more technical details about the project? If so, just read the official Wabi white paper.