Wabi and its Wabi Coin: A Starter’s Guide
China is a country that has had countless cases of fake products. One of those cases was baby formulas. It resulted in thousands of babies being hospitalized and others even losing their precious lives. Fake products, including cosmetics, alcohol, and other consumer goods have continued to raise much concern in the country but thanks to Wabi, and RFID technology, that problem may have a solution. Wabi and its Wabi coin enable customers to verify if a product is fake or not before buying it.
What is Wabi?
Wabi is a non-secured electronic cryptocurrency that offers support to Walimai bogus system, which is endorsed by the product sales that are guarded by Walimai technology. Therefore, consumers can buy products and other physical assets that are harbored by Walimai technology, wherever they are, using Wabi.
Wabi Coin Price
The current price for Wabi today is $1.2267 billion. It has a circulating supply of 45.2 million coins. The market capitalization is $55,600,180. Its 24-hour total volume exchanged is approximately $1.430,842.
Wabi’s initial coin offering (ICO) was unique since it adopted a customized engaging bidding system. This was to pull and bring on board those who had the intentions of offering long-term support to Wabi. With this, everybody can demand coins at their own price. Therefore in return, traders are strongly discouraged. However, the first initial coin offering is now totally sold out. It sold 46 million Wabi tokens. The price of each token at that time was valued at 25 cents.
Wabi: How it works and its key features
With a Walimai app, you can buy products protected by Walimai labels with just one click payment which is automatic. When you pay with WaBi, it gives you other benefits such as discounts, bonus Wabi points for every purchase you make, and better delivery terms.
Wabi uses a security protocol known as Walimai label. It was designed to track real-time goods. After the label is connected to a certain product, it can then be tracked during the entire supply chain.
Its key features are:
- Product Range: You can buy various products with Wabi coins.
- You can get free bonus points for every purchase you make.
- Authenticity: It uses radio-frequency identification anti-counterfeit labels which then deploy an anti-reuse format to reduce any possibilities of fraud.
- Cash exchangeable: It works perfectly for both users and buyers with its usability being high because of its simple UI.
Wabi Coin: Use and Utilities
This digital token is used by owners to purchase goods they can scan using Walimai app. You can use Wabi coins to purchase products such as baby food, alcohol, and cosmetics. These products are safeguarded by Walimai labels.
Wabi: Platform and technology
It uses Walimai radio-frequency identification anti-counterfeit labels which, when formulated in a product supply chain, it can be simply used to certify whether goods are original or fake. This is done by putting RFID tags to every parcel, which then enables tracking. This is made possible by the forthright nature of blockchain.
Wabi has invented a scalable solution, a technology that enables transactions to go through the blockchain in a streamlined way. This then allows implementation.
It also has a loyalty program which was invented for the Chinese customer base. The platform can then give rewards to those who use WaBi regularly.
Wabi Coin Competitors
Some of the Wabi competitors include Ambrois, Provenance, Hyperledger, Modium, and Iota which is similar to Wabi but it is not a manufacturer of RFID.
Another close competitor is Walton. It has a big market cap of $130 million. However, Wabi is above it in regards to development. Walton is already signed to Memorandum of Understandings with numerous companies. Nevertheless, MOUs don’t have much significance in China since the parties are not committed.
On the other hand, Walimai is the best fit candidate according to the macro trends in China. Its team is made up of able professionals and advisors who can put in a combined effort and offer a hand to the project’s business development.
Wabi: Team and founders
Wabi is made up of a team of well-educated people. Wabi project was founded by Alex Busarov, who is the CEO. He is an entrepreneur and an investor in several digital startups in Russia and China. Yaz Belinskit is the co-founder of Wabi. He has a degree from Oxford University and London School of Economics. He is well experienced in the industry since he has worked in a consumer industry for more than 10 years.
The marketing director of the company is Kitty Xu. She has been in this industry for more than two decades working for different companies. She has an MBA from Manchester Business.
One of the simplest wallets you can use to store Wabi tokens is MyEtherWallet, a wallet that can save every token on the Ethereum blockchain. You can also store your Wabi tokens using other wallets such as:
- MIST ERC-2O Wallets.
Wabi tokens can also be stored on hardware wallets using your desktop or mobile. Some of the hardware wallets include;
- Nano hardware wallets.
Wabi: Can you Mine Wabi?
Buyers can mine Wabi by scanning the products protected by Walimai’s RFID anti-counterfeit labels using an app. You can download this app for free from IOS and Android on their respective app store. This procedure certifies the originality of a product before one buys it. In return, this promotes the security of users since every scan renews data in the RFID labels.
Shops offering Walimai-protected products are continuing to grow. Not so long ago, Walimai started offering alcohol products with safe labels. This year, the team also has plans of starting to partner with producers and distributors of alcohol and baby foods. They also intend to do an upgrade of the technology they use so that they can also partner with pharmaceutical products. Wabi’s team also hopes to enlarge its use to add to its loyalty program.
Wabi has the best community where people share their ideas, sentiments, and opinions. Its community has over 8 million members. It has followers in almost all social media platforms including Twitter, Telegram, and Reddit.
In Twitter, it has 92.2 K followers. On Facebook, it has a village group with over 500 members. Members ask questions on these platforms, where they get honest answers and opinion from other members.
Wabi: How to Buy Wabi
You can’t buy Wabi with old currencies such as EUR, GBP or USD. You must purchase another digital currency. You can buy Bitcoin or Ethereum. These coins can be purchased at Coinbase through debit card or through bank transfer. After buying, you can then sell them at an exchange like Binance in order to purchase Wabi. After buying your Bitcoin or Ethereum you can then transfer them to any the following exchanges;
One of the great benefits of Wabi is that it allows single-click payment which is automatic for all the Walimai guarded products. This is if the user does not have enough Wabi.
When you pay with Wabi you are assured of discounts. It also improves your delivery terms. You are also awarded bonus Wabi points for each purchase you make. Wabi enables users to purchase loyalty points at amazing discounts.
Walmai has an unconventional approach to offer security for consumer products that are susceptible to tinkering such as baby food and alcohol. Though its use needs some upgrade such as the producer having a code which the consumer must scan, tranquility ought to make this extra time worth it since consumers already have the necessary information.
Wabi: Final thoughts
Wabi and Walimai are continuing to grow which is important to avoid fraud and any injuries linked to it. This will be an added advantage to every country worldwide.
Asif is a cryptocurrency enthusiast who’s been writing on the subject since 2014. He also has a keen interest in social engineering and cybersecurity. When not busy writing about cryptocurrency, he can be found reading books and listening to music.