Symbol – WaBi
Whitepaper – Link
When – November 2017
How to Participate – ETH, BTC, and LTC will be accepted in the sale.
Soft Cap – Unknown
Hard Cap – 15 Million USD
Total Max Market Cap At ICO – 15 Million USD (~7 Million Circulating)
Exchange Rate: 1 WaBi = 0.15 USD
Total Tokens in Circulation At ICO – 100 Million WaBi (51 Million Circulating)
Cryptographic technologies akin to Blockchain opened new horizons by ensuring the uniqueness of digital assets and the security of transactions.
There has yet to be a technology able to securely protect the link between physical and digital assets while being cost effective.
So far only high-end products such as diamonds could benefit from the security of the digital ledger -through expensive scanning of physical parameters. See https://www.everledger.io/ as an example.
Walimai has developed a solution that securely links a physical item to its digital representation at a cost that allows us to protect everyday consumer goods such as milk-powder, pharmaceuticals, alcohol, and cosmetics both physically and digitally.
WaBi is a crypto asset built on the Ethereum network that is focused primarily on stopping the counterfeiting and false product epidemic that has seemingly swept through China. Counterfeit goods and products in the region are astronomically high, and this seems to only be growing. The total value of IPR seizures (the seizing of counterfeits) has increased by more than 25% each year since 2005, with the exception of 2009 which posted a small decrease. There was a 25% decline of all importations in FY 2009 compared to FY 2008. From these charts, one can see that for 2009, there were 14,841 seizures with a domestic value of $260,070,000
China, making up around 60% of these counterfeit goods, is the “head of the snake” so to speak, with regards to mounting an offensive against these counterfeits. Companies such as Alibaba have even taken measures such as buying small quantities of goods themselves from vendors in order to check for their quality. Until blockchain, there hasn’t been a truly verifiable way of checking whether an item is genuine and original, and with the introduction of Walimai and the WaBi coin, the team hopes to finally strike back against the counterfeiters of China.
Walimai uses RFID technology to mark Walimai protected items and verify that they are genuine, by placing an identifier on the chip which can be checked on the blockchain for authenticity. Walimai secured items can be bought with traditional money, however using the WaBi coin, customers can also get the benefits of big discounts and WaBi points. Overall, Walimai it is an onboarding system that transitions users from normal customers to WaBi coin users, and is a brilliant use of blockchain technology.
Finally, a note on why this is important: Counterfeits and fake goods transcend most “types” of products, and while some can be benign, others can in fact be fatal. China is the most populous country in the world, weighing in at 1.3 billion people – with such a large amount of people, public safety tends to be less of a concern culturally. Fake beverages, cosmetics, foods, and baby products can harm and even kill many Chinese, as has been shown by many cases historically. Solutions must be developed.
Former McKinsey & Co. consultant, Sales Director at a leading infant formula producer. Guided project development for Russia and China-based companies as an independent advisor. Graduate of the London School of Economics. Conversational in Mandarin Chinese.
His extensive experience has given him advanced practical knowledge of financial management, capital raising, management consulting, and mergers & acquisitions.
WaBi coins token terms are extremely well positioned for investors of their project – at a total cap of 15 million, they are sitting at around 1/4th of the average crowdfunding targets of most other projects (most targets are 30 million, while WaBi will be 7 million), which means these coins will be that much more rare and lucrative.
Walimai has been in business since around 2014 or so, winning some awards during their time as a company, such as being selected as “one of the most innovative companies at the Open Innovations Forum in Moscow”. Walimai has online shops set up as well, which can be viewed here. It appears that they do have some sort of business and outflow of goods, which is a good thing as their sales will be the cornerstone of the WaBi coin.
One of the negative of this project seems to be the amount of hype surrounding the product – even their Walimai app has received very little downloads and views on all three of their app store entries. I call into question exactly how much business Walimai is doing currently, as well as what their plans are to actually convert vendors and business owners into using the Walimai software. If their past history is any sort of indicator, it doesn’t look as if this will be an easy task.
Secondly, the marketing of the project doesn’t look particularly impressive. Branding and presentation aren’t necessarily aspects one should pay too much attention to when looking at ICO’s, but a certain standard is expected when giving someone lots of money with which to use to fund their initiatives. Walimai is desperately in need of a facelift, and even their whitepaper looks more like the insane scrawlings of a madman than a world class project that an ICO investor would be interested in.
Walimai is a stellar idea that aims to tackle an absolutely huge problem with consumer goods in China today. Despite the ocean of consumers who will stand to benefit from this project in the real world, there are very little competitors in this space which makes outsized returns on an investment more likely. It serves a great cause, and with generous ICO terms, I’m personally excited to see where Walimai and WaBi go. Hype will be lower than most recent ICO’s, however, so if you’re looking for a flip you will likely be best served elsewhere – still, this is a great mid to long term project and one to keep an eye on in the future.
Investment Grade: 75%