Dear BitCoinTalk Community,

Apologies for the radio silence on the forum as of late. Since the ICO we’ve been working overtime to ensure everyone received their WaBis, and that their excess funds were refunded. But now it’s time to get back to growing the business and focusing on developments that will benefit us all.

For those who missed it, we’ve recently released a progress update on Medium which you can find here: https://medium.com/@wabiico/wabi-project-progress-update-18th-dec-2017-6735d7ae141c

After some debate, we have decided to focus our WaBi and Walimai related marketing efforts on a select few channels. We invite you all to find us on our official Telegram channels, follow our Twitter account for the latest updates, join the discussion in our subReddit, or sign-up for our Newsletter at wacoin.io.

The above channels are the ideal ways to stay up-to-date on WaBi and Walimai related news, and we hope you’ll join us as we continue to grow.

We will no longer update our BitCoinTalk thread, so please redirect questions to the channels above or reach out to us at support@wacoin.io.

Sincerely,
WaBi Team

That's definitely not right. Please send a message to support@wacoin.io and we'll process you manually!


You can check out the WaBi team and advisers at wacoin.io


You should get a confirmation page & email after submitting your KYC. Please reach out to us at support@wacoin.io and we'll get you sorted.


The tokens function as loyalty points. You can find more info in the following video:

https://youtu.be/OXJ0IKsPGlU


You can find out more information in the following video:

https://youtu.be/Y9KVUGSiBtI


Yes, but doing so will delay your application and reduce the chances of passing the KYC. However, if you fail the KYC you can re-apply with additional info.


You can go through the KYC process at account.wacoin.io


First and foremost it has to do with risks. Between the beginning of our preICO and now there were the:

-SEC ruling
-Singapore MAS ruling
-us changing the token model
-the China ban
-us changing the participation model and postponing the ICO.

PreICO participants had to put a lot of trust and patience in us and we believe that the premium is justified.


Passing our KYC at account.wacoin.io will add you to the Whitelist.


Yes, we're still tweaking before posting, but we'll announce it here when we post it!


Thank you for your support! We've opted not to do any bounty programs.

The WaBi KYC & Whitelist is now open at account.wacoin.io

We'll be making a new Bitcointalk thread soon!

To participate in our token sale, you will need to pass the KYC. We will require:
- Full name
- Citizenship(s)
- Photo/scan of your government-issued ID WHICH STATES YOUR CITIZENSHIP. Passports will be accepted. Decisions on all other documents will be made on a case-by-case basis and will result in delay
- Selfie of you holding the submitted ID document
- Email
- Mobile phone number
- ETH address to which we can send the WaBi tokens (you need to have control of this address, e.g. it can not be an exchange address)．

Participation restrictions:

Unfortunately we will need to restrict certain groups of people:
- Nationals of the People’s Republic of China
- US persons (US citizens, US residents, green card holders), if they don’t have an accredited investor status. You will need to prove your accredited investor status through a 3rd party vendor that we are working with
- Persons under 18 years of age
We don't like to restrict people from participating in our sale but we also need to comply with relevant regulations and protect the project from any legal risks.

WaBi ICO starts 28th of November at www.wacoin.io | Whitelist + individual caps.
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1) ICO details:

28 of October: KYC registration starts at www.wacoin.io.
Participants who pass KYC will be added to the Whitelist．
21st of November - Whitelist closed．

USD 0.25 per token．
46,000,000 tokens for sale.
USD 11,500,000 hard cap．
Total supply: 100,000,000 tokens．

An individual cap will be applied on the first day of the ICO.
It will be doubled on day 2 and doubled again on day 3.
If not all WaBis are sold by then, we will remove the caps from day 4 onwards.

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2) KYC: starts on 28th of October at www.wacoin.io

To participate in our token sale, you will need to pass KYC. We will require:
- Full name
- Citizenship(s)
- Photo/scan of your government-issued ID which states citizenship. Passports will be accepted. Decisions on all other documents will be made on a case-by-case basis and will result in delay
- Selfie of you holding the submitted ID document
- Email
- Mobile phone number
- ETH address to which we can send the WaBi tokens (you need to have control of this address, e.g. it can not be an exchange address)．

Participation restrictions:　

Unfortunately we will need to restrict certain groups of people:
- Nationals of the People’s Republic of China
- US persons (US citizens, US residents, green card holders), if they don’t have an accredited investor status. You will need to prove your accredited investor status through a 3rd party vendor that we are working with
- Persons under 18 years of age
We don't like to restrict people from participating in our sale but we also need to comply with relevant regulations and protect the project from any legal risks.

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3) PreICO tokens buyback: We will announce exact details of the process for both options a) and b) soon.

There’s been a lot of fear of tokens being 'dumped' by the preICO contributors. We are making an offer to all preICO participants that will completely eliminate the problem.

In essence the offer to preWaBi holders is:
EITHER
a) To lock tokens for 3-6 months and get 5-10% bonus (coming out of the founders’ personal allocation)
OR
b) Sell preWaBi back to WaBi Project at 8.5USD/preWaBi or 0.25USD/WaBi (reflecting the 1:34 preWaBi to WaBi ratio).

This way, whatever 'dumping' might occur will be absorbed by the project and not the ICO contributors at the exchange.

All tokens bought back by WaBi project will be held as a reserve for at least 6 months.

ICO starts the 28th of November. KYC & Whitelist opens tomorrow, 28th of October!


We're currently still considering exchanges. You can hear the co-founder talk on the subject here: https://youtu.be/5HZbLtcxMMY


Thank you very much for your support!


You can find more information on the utility of the token on our Youtube channel: https://youtu.be/oy5geN7pRQk


Specifics will be announced soon!

This is correct.


We've currently settled for a 5% bonus for 3 months and a 10% bonus for 6 months. This is simply a "thank you" to people who intended to keep the tokens for a long time anyway (our long-term supporters). It is not meant to affect their behavior.

Dear Bitcointalk community,

Since the announcement of our bidding system during our Q&A, we’ve been getting a lot of feedback from our communities. We’re happy to see many who appreciate our project and we understand that many of you would rather see us conduct our ICO in a more familiar format.

We also realize that not all of the supporters are active in the groups, so, to get a more complete understanding we will run a poll via email. We will ask you a simple question on whether you prefer the bidding system or a standard whitelist.

If you have not yet signed up for our emails, please, do so now, so that you could participate in the poll. You can do so at www.wacoin.io

The poll will be closed within 24 hours and only takes few seconds to respond, please do take the time to fill it in.

Thank you all!

On Sunday 15th of October, 10 AM Eastern Standard Time, co-founders Yas and Alex will be available for any and all questions on the WaBi Project YouTube channel at: https://www.youtube.com/channel/UCqPmhEMNHI50oNH0FwyLAPQ

(10 a.m. ET, 3 p.m. London, 4 p.m. CET, 10 p.m. Beijing time).

They will also be making an announcement regarding the token distribution system WaBi will be using at the upcoming ICO.

If you believe that the WaBi will plummet after entering the exchanges, by all means, feel free to wait. However, we'd ask you to consider more than one factor when making this decision:

1. We didn’t have a private pre-sale. We did a public Pre-ICO which resulted in a wide distribution of tokens with very small amounts held by any given individual investors. Please see for yourself: https://ethplorer.io/address/0x753af9dbe862fdb00db5bc9455063e3aad3674bd#tab=tab-holders&pageSize=100

2. Exchanges do not have KYCs and, as noted in our whitepaper, we explicitly excluded certain nationalities for ICO participation, in addition to people who would not want to go through the KYC process.

3. Aside from the ICO, we are a rapidly growing company with constant business developments. I realize that this factor often gets lost in the crypto world due to the scarcity of projects with anything more than a vapourware promise. But this is by far the most important factor influencing the market cap, in the non-crypto world.

Not at all. Only a comparatively small amount of tokens were sold during our open preICO, raising 300k USD through 300 contributors.

Our situation is a little bit more nuanced than that. Some people will probably sell tokens as they hit the exchanges. But keep in mind:

1. We sold 20% of circulating supply (10% of total) at the preICO to raise money to run the actual ICO.

2. Assuming half of those coins are sold on exchange quickly after the ICO - it is 10% of the circulating supply.

3. That would push the price down, we don’t know by how much, maybe around 10% but it depends on a lot of other factors.

4. 10% price volatility in crypto is a daily thing. It’s noise.

The above argument is not 100% rigorous but helps to put things into perspective.

We would also encourage people to think of the unmet demand that will be filled at the exchange: a lot of people will not pass our KYC (some countries restricted for the initial sale, some people will not be able to provide the right documents, etc). They will probably try to get the tokens at the exchange.

Most importantly, we would encourage people to look at the project long-term, not based on the first few days when it’s on the exchange.

The WaBi ICO will be open to everyone. Due to the specially designed token distribution system we’ll be utilizing during the WaBi ICO, there will be no need for a whitelist.


Thank you very much. Our project definitely goes well beyond China, but China is one of our initial target markets as it suffers greatly from counterfeit goods sold there.


Thank you, we've been growing fast. We're very proud to have a fully developed and commercialized system in stores already before the ICO even kicks off.   

There will be no bounty program.

The ICO is tentatively scheduled for November 7th. We'll have a press release and further info available this week.

Hey guys, the ICO has been tentatively scheduled for November 7th. This is why you can't find the ICO live on the wacoin.io site right now.

As we said before, China's ICO ban does not affect us directly, as we are running the ICO out of Singapore. We were bound to introduce a few changes to the WaBi circulation rules when it comes to China. However, neither the business model nor the token model has been affected in a major way. We shall be publishing an updated Whitepaper soon, where these special provisions are presented in a more detailed manner.  


Thank you. It's more than a concept at this point. WaBi token is backed by a fully developed and commercialized anti-counterfeiting system currently already operational in stores.

https://giphy.com/gifs/l378zSs0T41UuIng4/html5

Hey guys, here's a small update from the founders about the upcoming WaBi ICO!

Hey everyone at Bitcointalk!

- We have launched our offline terminals in 3 baby stores in China last Sunday, so Walimai protected milk formula is currently being sold both offline and online.

- Our team is growing and we now have dedicated community managers as well as a highly experienced marketing director. We have been branded a ‘hidden ICO’ by some reviewers, however, our major marketing activities will start within the next 2 or 3 weeks. We are expecting the channels to become much more lively.

- At the moment we are finalising the ICO participation model. As we stated previously, we think that the current ‘Black Friday at Walmart’ model is terribly resource-inefficient, favours all sorts of sea mammals, and leaves the bulk of people unhappy. We are also not big fans of forced rationing. Therefore, we are finalising a system which hopefully can eschew most of these ailments. We shall be publishing a demo-version in the next few days so that everyone here can practice and get familiar with.

- We realise that currently the regulatory environment has been somewhat turbulent and a lot of people wonder how are we being affected.
  - Firstly, to reconfirm, we are in full ICO preparation mode at the moment. The ICO goes ahead. You shall be seeing a lot more updates both here and elsewhere over the coming few weeks.

 - Secondly, the China Ban. Just wanted to reiterate that it does not affect us directly, as we are running the ICO out of Singapore. We were bound to introduce a few changes to the Wabi circulation rules when it comes to China. However, once again, neither the business model nor the token model has been affected in a major way. We shall be publishing an updated Whitepaper soon, where these special provisions are presented in a more detailed manner.

 - Finally, we wanted to tentatively designate November 7th as the ICO start date, subject to final confirmation. We realise that it is a bit later than we originally envisaged, however, due to the regulatory changes were compelled to move it. We are confident that this date leaves us enough time to step up our marketing efforts and to raise awareness to a sufficient degree to make our ICO a success.

- Last but not least, we welcome any feedback you might have.

Yas, Alex, and the Wabi Team

Beyond the message, we'll be providing everyone with the latest info when we update the wacoin.io website later this week

Please let me know if you have any questions!