Wabi Coin Review: say goodbye to counterfeit goods
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Blockchain technology is rather powerful as it managed to find and provide a solution that is capable of replacing institutions such as banks, monetary funds, and some others, which have been part of civilized human lives for centuries. With blockchain, the financial activities are not only independent of third parties but are also much more convenient, fast and at the same time a lot cheaper. A large number of companies from around the world offer their solutions built around the blockchain technology and are aiming to stop sophisticated, unjust issues for the sake of simplifying people’s lives. One of such projects is Wabi that is coming from China. Wabi is aiming to improve the process of buying and selling by making it faster, more cost-efficient and at the same time is fighting against the exchange of fake goods. Wabi initially started out as an ICO, however, the ICO has been successfully completed and Wabi is out in the market trying to get its tokens and product recognized by as many people as possible. Let’s see what you might need the WABI coin for and how useful are they.
What is WaBI?
WABI is a blockchain-based technology developed by the Chinese product authenticating firm, Walimai. WABI was developed to tap into the benefits of the blockchain technology. By incentivizing the process of verifying products’ originality, Walimai hopes to convince more people to help get fake products out of the market.
Walimai uses a label that sticks to a product. The label can then be scanned using a mobile app to check the complete list of relevant information about the product. The company launched an ICO between August and September 2017, raising their hard cap of $11.5 million. The money raised was to help increase partnerships with baby products manufacturers and pharmaceuticals. WABI succeeded in delivering some of its promises. Here is a review of the WABI platform almost three months after its launch.
WaBi Coin tries to address certain issues and offers corresponding solutions for them. The problems that WaBi offers a solution for are-
- Stopping the circulation of fake goods (which according to their website, are currently worth around $460 billion).
- Preventing fake pharmaceuticals. And solving the problems that blockchain faces when it comes to linking digital and physical assets.
The unique solution for the problems listed above is the process of linking digital and physical assets with RFID labels, which has a function of anti-copying. This way WaBi verifies the products and the process will be as easy as doing with personal cell phones. In other words, WaBi coin aims to sell products (e.g. cosmetics, food, pharmaceuticals etc.) to its consumers which will be ensured by the technology that WaBI offers. The technology is blockchain based, and WaBi offers a safety channel known as Walimai that aims to establish security of the users.
WaBi’s business model sums up to:
- Sale of anti-counterfeit labeled consumer products in China and internationally.
- Reward consumers using its Walimai safe channel for purchases.
- Establish collective security through collective individuals actions.
WaBI Coin interesting features
- Merchants can use WaBI coins to aggregate loyalty points as well as issue discounts on products sold through Walimai.
- WaBi was conceptualized in 2013 when Walimai won a contract from the biggest infant formula producer in China. In 2015, the company received funding form Jiaxing municipal government. Come 2016, the company launched a mobile app for both Android and iOS and did its first sales using this technology.
WaBI Team and Advisors
Alexander Busarov heads the WABI project. He is joined by Yaz Belinskiy, a former consultant for Bain & Co and the former business development manager at LP Amina. The two co-founders work hand in hand with other eight team members and five advisors. In general, the WABI platform does not have any conspicuous figures, but its advisors are talented in their ways.
Bruno Mercier, for example, has managed several companies in China, Hong Kong, and France. His expertise about the Chinese retail business could be of great impact to the project. Another advisor, Mario Pazos, is a former employee at MasterCard. Igor Livant formerly worked at Goldman Sachs and has a rich experience with fintech fundraising. The other two advisors, Mark Zavadskiy and Long Chiu have formerly worked with Alibaba and Intercontinental Hotels Group respectively.
The WABI Coin
The WABI coin is an ERC20 utility token meant for use in three major ways:
Buying Walimai protected goods-
Holders of the coins can use them to purchase products listed by Walimai at select retail stores. Currently, Walimai protects products related to cosmetics, alcohol, baby food and soon pharmaceuticals.
New coins are distributed into the market each time a consumer verifies a Walimai protected product. The consumer gets rewarded with Walimai tokens. However, this process is not the real sense of mining as known in the cryptocurrency space. WABI coins are all pre-mined.
Trading- users can trade the coin on any exchange where they are listed.
Customers with Walimai loyalty points will also have a chance to exchange their reward points for WABI tokens.
WABI held a pre-sale in mid-August 2017 and raised $300,000. Production for WABI coins began based on the ethereum platform. The ICO took place between August and September 2017, and each token was sold for $0.25. The company had set a hard market cap of $11.5 million. After the ICO, WABI announced that they had reached their target within schedule.
WABI ICO summed up to:
- 100 million coins were mined.
- Pre-ICO- 10 million coins were distributed.
- ICO- 40 million coins were distributed.
- 50 million coins were locked after ICO
- Some of the locked coins would be distributed to loyal customers.
- Merchants will reward consumers verifying their products with tokens.
WABI debuted into the trading markets on 13th December 2017. It was first listed on a popular exchange, Binance, and opened the day at a remarkable $1.03. During its first week on the exchange, WABI’s value rose to $1.7 and fluctuated steadily ending 2017 at $1.8. WABI continued with its splendid growth rate in January, hitting an all-time high of $5.85 on 10th January 2018.
After 10th of January, the coin took a downward curve with minor fluctuations. By 1st of February, the coin was trading at $1.9 and dropped to $1.36 by February 6th. In the following one month, the coin’s value stabilized in price and fluctuated between $1.7 and $1.4 by 1st of March. Being a new coin in the exchanges, WABI is likely to continue fluctuating in prices until its daily trading volume increases.
How to buy WABI
There are two main exchanges where you can buy WABI coins; Binance and IDEX. The WABI cryptocurrency is developed out of the Ethereum platform. It can be stored in any ERC-20 compatible wallet.
Top 3 WABI Wallets
Coinomi is a popular mobile wallet best suited for regular traders. The wallet is an app designed to hold up to 40 different cryptocurrencies. Currently, Coinomi is only available for Android devices. To assure of security, Coinimi users have the choice of setting a password code, a passphrase, and backup for your coins.
Myetherwallet is an extremely easy to use, safe and popular wallet for ERC-20 compatible tokens such as NAGA. The wallet is developed in the form of a web hot wallet. Coins stored in the wallet can be hacked especially if you store your key on your desktop. MyetherWallet is freely available online.
MetMask is another popular web wallet for ERC-20 compatible tokens. This WABI wallet works easily as a plugin on popular browsers such as Chrome, Firefox, and Brave. MetaMask is easy to use, fast to operate and pretty safe.
Top WABI Exchanges
Binance is the largest cryptocurrency exchange based on daily trading volumes. It is Shanghai-based although some sources also say it’s registered in Tokyo. Binance is one of the most respected exchanges thanks to its ease of use. The exchange has a simple registration process and extremely low transaction fees. They also have an in-house token called Binance coin. If you trade any of the 100 or more cryptocurrencies listed on the exchange using Binance coins, your transaction fees are halved.
IDEX is a Panama based peer to peer exchange for cryptocurrencies based on the Ethereum platform. IDEX lists almost all ERC-20 tokens on their platform. They have an easy to use platform, advanced security and the use of smart contracts to execute transactions. IDEX is increasingly growing in popularity and earning the respect of traders.
How to buy WABI Tokens: Step by Step Guide
Step 1: Set up a Personal Wallet
Set up a personal wallet in readiness to buy WABI coin. Both Myetherwallet and MetaMask are easy to set up. Coinomi is only limited to Android device users. If you choose MyetherWallet, download the wallet files and print out the private key given. Set up a password for your wallet and backup the wallet’s files in a flash drive.
Step 2: Buy Ether or Bitcoins
Binance is the easiest place to buy WABI coins. But since they don’t accept cash, first create an account on Coinbase, Localbitcoins.com or Bitstamp to purchase either Bitcoins or Ether. On Coinbase, you have to pass their KYC regulations before you are allowed to use their platform. On localbitcoins.com you can purchase bitcoins instantly, but there is the risk of fraud.
Step 3: Move Bitcoins to Binance
Once you buy Bitcoins or ether coins on any exchange, they will be stored in an exchange provided wallet. Visit that wallet and transfer the coins to Binance.com. Creating an account on Binance.com is easy. Simply provide your names and email address and create login details. Binance has a ‘funds’ section where you can deposit Bitcoins or Ether. By clicking that area, you will be given an address that you will paste in your coinbase.com wallet. Moving bitcoins to Coinbase takes several minutes.
Step 4: Buy WABI Coins
After you log in, click the ‘basic’ exchange platform. Search WABI coins on their search engine. A chart about WABI coins will be displayed. Below that chart is an area where you can buy and sell the coins. Access that area and purchase the coins.
Step 5: Move your Coins to a Personal Wallet
Cryptocurrencies are best stored in a personal wallet. A personal wallet provides better security than the often hacked exchanges. Open your wallet and generate an address by clicking the ‘receive’ funds section. Copy that address. Visit your ‘funds’ section on Binance.com. Click on ‘transfer’ coins and paste the address you generated in your wallet. Confirm the process. You should receive your coins in a minute.
Walimai had a great product before launching WABI. By integrating their services to the blockchain technology, they now have a chance to attract more people to their platform. It may take a while to get the right target group on WABI, but they will finally get there. The WABI crypto will also grow as more people take advantage of the blockchain.
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