Analysis of WaBi – Token For Safe Consumer Products - Crush Crypto

Analysis of WaBi – Token For Safe Consumer Products

Summary

  • Project name: WaBi
  • Token symbol: WABI
  • Website: https://www.wacoin.io/
  • White paper: http://resources.wacoin.io/WaBI_Whitepaper_ENG.pdf
  • Hard cap: US$11.5 million (public crowdsale ICO contributors own 52% of total token supply if hard cap is reached)
  • Conversion rate: 1 WABI = $0.25
  • Maximum market cap at ICO on a fully diluted basis: US$22 million
  • Bonus structure: None
  • Presale or white list: Whitelist registration ongoing at https://account.wacoin.io
  • ERC-20 Token: Yes
  • Timeline: November 28, 2017 (please refer to WaBi’s website for the most up-to-date information)
  • Token distribution date: Within 7 days after the end of ICO
Video summary (video is 8:14 long):

Project Overview

What does the company/project do?

Walimai, the company behind WaBi, is a company that develops solutions to ensure product authenticity. It places secure anti-counterfeit labels on consumer products in China and internationally.

Walimai’s operations are mainly in China, which suffers from counterfeit in products such as baby formula, cosmetics, and alcohol. In order to solve this problem and provide confidence for consumers, the company has developed RFID labels with anti-reuse design, as well as mobile Apps that integrate with the labels.

Walimai label is applied to the product at the point of origin and is scanned throughout the supply chain. After consumers purchase the products, they can scan the items with Walimai app, which would then show whether the product is original and the product’s previous locations and timestamp along the supply chain.

You can look at how the Walimai label works in this video (video is 3:20 long):

How advanced is the project?

The idea of Walimai was conceived in September 2013. During 2014 and 2015, the Walimai team was engaged in a strategic turn-around project for one of the biggest infant formula producer.

In 2015, it won an innovation grant from Jiaxing city municipal government and was incorporated in Zhejiang province, China.

In 2016, its mobile app was launched in iOS and Android, along with a new version of RFID label that was developed.

Walimai began sales online in JD.com in December 2016, which received positive feedback and high conversion/retention rate, and began selling through physical infant nutrition stores in May 2017.

Below is the future roadmap for the project:

December 2017 – Activating sales of Walimai protected products through WaBi. More baby shops sell Walimai protected products. Start of sales of alcohol with Walimai labels.

2018 – Start of partnerships with producers and distributors of baby food and alcohol. Adjusting Walimai technology for pharmaceutical products.

2019 – Extending use of WaBi to other areas: 1) Loyalty programs by product manufacturers, 2) Partnerships with insurance companies, 3) Product insurance.

What are the tokens used for and how can token value appreciate?

WABI works like a loyalty program for Walimai products. Its uses for merchants and consumers are detailed below.

Merchants

Merchants will be obliged to use WABI token as loyalty points in order to sell through Walimai’s channels. They have incentives to do it because consumers trust the Walimai brand and are willing to pay a premium.

They can use WABI token to effectively give a discount (consumers who buy the products will receive some tokens, which be used to redeem something in the future) or use more sophisticated techniques (e.g. buy the second product and receive WABI tokens, or refer your friend and receive the tokens).

Consumers

Consumers can use WABI tokens to receive discounts on products sold in Walimai’s channels. They would need to top up their WABI balance to be able to use the discount, thus creating additional demand for WABI tokens.

For example, if a consumer has $1 worth of WABI and wants to purchase a $10 item, he will need to purchase another $9 worth of WABI and pay the product with WABI token.

The company also plans to enable users to have gift cards where they could buy some WaBi as a gift for someone else to use.

As consumers can scan Walimai products to earn WABI tokens, which can be used for discounts on products, the more transactions generated on the Walimai channels, the more valuable WABI tokens should be.

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Team

WaBi has a team of 10. The bios of the key members are listed below:

Alex Busarov, CEO – previously Strategy / Sales Director for a leading baby food company, founder of EarlyBird, a fundraising platform for startup projects in China, and Consultant of McKinsey in Moscow and Dubai.

Yaz Belinskiy, Co-founder – previously Associate Consultant of Bain, and Business Development Manager of LP Amina Energy and Environmental.

Kitty Xu, Marketing Director – previously Business Advisor of Wofaro, a floral design startup, Marketing Manager of RS Components, and Senior Account Manager of Text100, a global marketing communications agency.

WaBi’s advisors include Mario Pazos, former Regional Prepaid & Personal Payments Head at Mastercard, Igor Livant, former Executive Director of Goldman Sachs and Associate Principal of McKinsey, Long Chiu, former Director of Digital Commerce Development of Mead Johnson Nutrition, and Mark Zavadskiy, Business Development Director of Aliexpress.


Opportunities

  • WaBi’s closest blockchain competitor, Walton, has a huge market cap of $130 million while WaBi is more advanced in terms of development. Walton has signed MOUs (Memorandum of Understandings) with many companies, but MOUs mean very little in China as the parties of the MOU are not contractually committed to anything.
  • Walimai is a good candidate to benefit from the macro trends in China:
  • China just phased out its one-child policy in 2015, which will boost the demand for baby products.
  • China suffers from counterfeit products and the Chinese are willing to pay a premium for quality. For example, they pay a premium for baby formula imported from overseas partly because the authenticity is guaranteed.
  • The project has solid team members and advisors who can actually help the business development of the project.
  • The company has put in place a procedure to prevent dumping of pre-ICO participants (who contributed $300,000 at $0.03 per token in August 2017). WaBi offered two options for those participants: (1) To lock tokens for 3-6 months and get 5-10% bonus, or (2) Sell the tokens back to WaBi Project at the ICO price. This will prevent them from selling at exchanges below ICO price.

Concerns

  • Even though the Wabi Project is based in Singapore, Walimai’s operations are mainly in China, which is subject to a lot of regulatory risks relating to cryptocurrency.

Conclusion

Overall, we like this ICO both for its short- and long-term potential. Our thoughts of the tokens for short term and long term are as follows:

For ​short-term holding

Good. The project’s hard cap, team, business idea, and market awareness are all above average. However, due to the hype surrounding the project, the individual cap for the ICO is probably going to be low.

For long-term holding

Good. As mentioned above, Walimai is a good candidate to benefit from the favorable macro trends. We believe it has a good chance to be successful.


For more information about the ICO, please visit the following links:

Website: https://www.wacoin.io/ 

Whitepaper: http://resources.wacoin.io/WaBI_Whitepaper_ENG.pdf 

One pager: http://resources.wacoin.io/WaBi_One_Pager.pdf 

Telegram: https://www.wacoin.io/#telegram-popup

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