Ola dudes and dudette,
Im back with a new project in the IOT realm of possibilties this time, a freshly finished ICO but already a working RFID product and an actual real buisness plateform in the baby food industry : WABI
Walimai is releasing WaBi tokens on their ICO. WaBi is a product focused around building a safe retail channel to combat the fake products that plague Asia. Blockchain technology is used in combination with RFID tags that guarantees that the product is real. If the seal breaks the blockchain registers that it is a no longer a genuine product.
The market for these products is obviously huge, because people are willing to pay a lot for genuine products such as babyfood, and alcohol. This is where the WaBi token comes into play. The WaBi tokens are used as payment for the Walimai protected products. Paying with WaBi grants additional benefits: discounts, improved delivery terms and bonus WaBi points with every purchase. This can all be done by using the Walimai mobile app which is available to the Apple store, Google play, QQ store and Baidu app store. Coins can be obtained by consumers through the purchase of Walimai protected products or by participating in other marketing activities. The problem WaBi Is trying to solve is about the 461 billion USD of imported fake goods that are in circulation globally. In China there have been numerous scandals about fake food products. to give a few examples there are fake eggs, fake alcohol you name it.
Now lets get to how they want to solve this problem.
The Walimai label is applied at a designated point of origin along the supply chain. This links the product with its digital representation on the blockchain. This will contain the Encrypted unique ID , the Dynamic Code and the Geographical Data after consumers have scanned the item with the Walimai app. This also means that a set of digital objects is stored in the cloud and that data from consumer scans are checked against their digital state. Digital and physical objects are constantly synchronised and products with the Walimai label are sold on a known location. Consumers scan the label with the Walimai app and find all the data in there again, while updating its state.
Now this is where it gets more interesting;
WaBi actually already has a working product and has done trial sales already on JD.com. JD.com, a chinese website with 370million monthly visitors, has even contacted them to ask how they got such a high customer return rate. The moms, that they are targetting to sell verified safe babyfood to, are very happy with WaBi. Wabi is managed by an amazing team, the CEO has worked for McKinsey and the team has years of experience in supply chain management and the infant food industry specifically. This particularly shows when the business model is explained. The biggest problem all companies face when trying to implement anti-counterfeit measures is that raising the expenditure for packaging is not seen as acceptable. changing the supply chain is a horrendous experience which results in most companies to just choose a QR code. However, time after time it has been proven that QR codes can be faked. The Wabi team therefor builds a B2C channel instead of a B2B channel and leverages the great demand for safe products to lure retailers to join the platform.
it is also worth mentioning that there are some seriously interesting advisors on their team that have worked with MasterCard, Goldman Sachs and even Alieexpress.
In the PRE-ICO $300,000 worth of tokens were sold at $0.03 each. WaBi has offered to buy back these tokens at the ICO-price of 0,25 USD. Considering WTC was 0.653 cents during the ico offering i believe Wabi could at least pull a x10.
This means that WaBi sold during the PreICO will be either locked up for 3 or 6 months after the ICO (for 5% or 10% bonus respectively, out of founders token allocation) or bought back by WaBi Project at 25 USD cent per WaBi after the ICO and before the token is placed on exchanges. This is to prevent a dump from happening upon becoming available on the exchanges.
8M tokens will be distributed among the founders, team members and bounties The remaining 35M tokens will be reserved for the mining process such as purchasing Walimai protected products. WaBi starts being traded on exchanges shortly after the ICO and has said to get on exchanges that investors find the most convenient to use. In total WaBi is looking for 11,5M funding - which is considered to be very, very low.
Video links :
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https://youtu.be/N9uLWrsEuCU --> product presentation
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https://youtu.be/YUBKHAkqNxY --> consummers opinions
Most of this post ia a copy/paste of one post that i saw on reddit which i think explain really well the general concept of the token and project : )
Hope you like the idea !!