What is WaBi (WABI)?
Future of WABI Cryptocurrency and know how to buy WABI

#1 - What is WaBi

WaBi is one of the younger class of cryptocurrencies that facilitates purchases on the Walmai platform. It filters original & counterfeit products through its anti-counterfeit technology & makes the fake products unsaleable on the platform. The coin is gaining traction because of its claim to free any ecosystem from fake goods.

WaBi: The Basics

  1. WaBi is an open platform that supports Walimai’s anti-counterfeit system & loyalty program. The WaBi cryptocurrency is denoted by the symbol WABI. Its total supply is 99.2 million WABI. It is used as a unit of exchange in Walimai’s protected goods ecosystem.
  2. WaBi’s pre-ICO began on 28th July. The main ICO was launched on 28 November 2017 with a price of 0.25 USD/token.
  3. WaBi can be used by consumers to pay for Walmai labelled products, to avail of special discounts, improved delivery terms and bonus WaBi with every purchase. It will use Radio Frequency Identification (RFID) and Near Field Communication (NFC) as the base for its anti-counterfeit technologies and services.

WaBi Development

  1. WaBi Project is a Singapore-based company whose major activities occur in China. It has made special provisions in its operations to comply with China’s crypto regulatory norms.
  2. WaBi was co-founded by Alex Busarov & Yaz Belinskiy. It boasts of an expert engineering & sales-marketing team which has expertise in the Chinese market, product design, blockchain, confirmation/authentication technologies & FMCG.
  3. It has rolled out a robust roadmap to expand Walmai at the grassroots level and encourage the use of WaBi tokens on a global scale.
  4. Walmai will soon introduce a ‘Walimai-shelf’ in every baby shop that they enlist on their website & app in the middle of the retail space. It can be used for product assortment and purchasing options & for getting it delivered at the desired location.

WaBi Technology

  1. A Walimai label is put on all goods that are moved through a designated ‘point of origin’ along the supply chain. This label connects the good with its digital representation in the cloud that contains an encrypted unique ID, dynamic code & geographical data.
  2. Consumers can review this data by scanning the label on the Walmai App & then the set of digital objects stored in the cloud is sent for a public verification. The results of this verification are then displayed to the consumer. This can be used by them to verify the authenticity of the product & to get other relevant information.
  3. WaBi Blockchain provides a secure method of product verification through geo-stamping in the blockchain & through its distributed record verification which cannot be modified even by its creators.
  4. The information from consumer scans is verified against their digital states. After this verification, the dynamic code is changed & then user is asked for 2 matchings to protect against any label-cloning. This is done in 2 ways:
    1. If the users’ geolocation data does not match then authentication fails.
    2. If hackers try to sell fake object once its out for circulation then they will produce several copies. However, WaBi desynchronizes the rest of the batch just after one counterfeit which invalidates any further matching attempts & hence, makes the good unsaleable.

Features

  1. The WaBi platform continuously synchronises digital and physical objects by building secure links between physical items & their digital representation. This protects products like milk-powder, pharmaceuticals, alcohol and cosmetics both physically and digitally.
  2. Walimai protects the products by breaking the label if the product’s packaging is opened or if there’s a counterfeit or any attempt of ‘refilling’.
  3. Digital protection is given by securing at micro and macro levels. At the micro level, Walmai individually protects tags against falsification or counterfeiting & at macro level it prohibits unauthorised tampering.
  4. The Walimai label is used by the manufacturer to track the products’ entire chain of custody. This gives them control over products’ distribution and circulation.
  5. Walmai counters the voting paradox to avoid a scenario where consumers do not scan the product due to which the system is not updated. This is done by incentivising them to scan the Walimai label by rewarding them via the merchants with WaBi tokens, which can be used as loyalty points.

 

#3 - How to Buy and Store WaBi?

How to buy WaBi / How to buy WABI

WaBi coins can be used to buy authentic daily use products that are protected by Walimai labels. It can be bought for Bitcoin, Litecoin & Ethereum. WaBi is available to trade on exchanges like EtherDelta, Binance, Forkdelta & IDEX. But it can get difficult to get the best price for your transactions when you’re faced with so many options. This is where CoinSwitch steps in.

  1. While cryptocurrency exchanges provide you with a platform to buy or sell the WaBi cryptocurrency, CoinSwitch, the largest cryptocurrency conversion platform, comes in to help you make the right decision by providing the prices for WaBi. This way you can choose the best deal for you!
  2. You can also buy, sell and trade over 300 cryptocurrencies for the WABI crypto. It offers interchangeability and unified experience for all cryptocurrencies with a wide offering from all major exchanges.
  3. What’s more - with CoinSwitch, you do not rely on a separate wallet from the exchange to store your WABI cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

WaBi Storage

WaBi is an ERC-20 token, which means it is supported by any Ethereum wallet for storage. It can be stored in any of the following wallets:

- MyEtherWallet

- Coinomi

- MetaMask

Hardware wallets like Trezor and Ledger would also serve the purpose of storing WaBi well.

 

#4 - What is the future of WaBi?

Also Read: Complete Analysis of WaBi | Live WaBi (WABI) Price Charts And Predictions

  1. WaBi is a relatively young cryptocurrency, having launched in December 2017. It has however, taken quite a beating during the bear market of 2018. In January 2018, it was trading at about $2.54. Within 6 months, in July, it was down by nearly 90%, trading at around $0.38.

  2. As of July 2018, WaBi’s market capitalisation stands at $15 million USD .

  3. With its growing market presence in the Chinese market & association with growing product categories like pharmaceutical, FMCG, etc. WaBi may however, still be set up for a strong run in the markets. WaBi prices did rise steadily post launch, in January 2018 to achieve an all time high of $5.04 in January 2018 as compared to just $1.4 in December 2017.

Price History

Date

Open*

High

Low

Close**

Volume

Market Cap

Jul 01, 2018

0.382079

0.421714

0.364110

0.410786

553,822

17,288,300

Jun 01, 2018

0.770334

0.784308

0.739097

0.744947

486,121

34,856,100

May 01, 2018

1.35

1.40

1.22

1.39

2,224,210

60,964,200

Mar 01, 2018

0.622651

0.635167

0.562088

0.595032

343,341

28,173,700

Jan 01, 2018

2.54

2.61

2.18

2.37

13,132,500

114,786,120


Dec 12, 2017

1.39

1.43

1.24

1.39

26,744,800

-

 

#5 - How is WaBi different from other cryptocurrencies?

WaBi has multiple standout features making it unique from most other cryptocurrencies.

  1. WaBi is clear about not aiming to be a store of value (like Bitcoin), or a world computer of sorts (like Ethereum). The aim here is seemingly precise - to act as a tool to counter counterfeit goods and ensure authenticity in consumer products.
  2. WaBi acts as a unique security channel for consumer products (especially vulnerable items such as infant food products) across multiple categories and geographical locations.
  3. All Walmai products have the Walimai label as a guarantee of the product’s authenticity irrespective of the location of the purchaser, thereby acting as an omni-channel.
  4. Unlike any other blockchain service, WaBi controls the illicit practice of arbitraging between regions by distributors through the Walmai labels that lets the manufacturer control & scan their product’s distribution & circulation.

#6 - Should you invest in WaBi / invest in WaBi?

  1. WaBi seems to be (or hopes to be) the ultimate technology for new retail formats like the peer-to-peer sales through social networks as it shifts the proof of authenticity from the channel to the product. This could potentially help them generate double digit growth because of better product credibility.
  2. The growing demand for retailers to eliminate fakes provides Walmai with a large community base. More baby shops have started selling products with Walmai labels given the trust it has built over time. This can further stimulate WaBi’s transaction volume & can push for a bull run in the long term.
  3. The platform is targeting high-margin product categories that invariably lure counterfeiters. Such a move seems to be a wise one, at least one paper. It can increase the demand for Walmai’s technology and lead to some quick growth as well. Thus, currency may seem to have a good long term potential.
  4. However, WaBi took quite a beating during the bear market of 2018, which may lead to trade analysts suggesting that the cryptocurrency may continue to be influeced by its poor charts and performance rather than fundamentals, in the short or mid term.
Related Searches