WaBi (WABI)

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Walimai are trying to solve a 461 Billion Dollar (USD) problem. They provide a trustable and auditable process for end consumers to validate the authenticity of products.

Our Joke Name

WaBi = Validate

Basic Intro

Link to the main website

Link to price/market cap

Exchange Ticker (WABI)

Coin or Token

Circulating supply  (45,248,033)

Total supply (99,218,023)

Block time (Under 60 seconds)

Market Cap Ranking

Review

Introduction

Walimai are trying to solve a 461 Billion Dollar (USD) problem. They provide a trustable and auditable process for end consumers to validate the authenticity of products on their phone by using Walimais creation, WaBi. Wabi is an RFID tag paired with blockchain technology that provides a unique link between Digital asset and Physical asset.

Key Features

  • Walimai links digital assets to physical assets with RFID tags
  • The WaBi reward system
  • Problems that WaBi solves
  • Counterfeited products

The Walimai product can be broken down into two parts. The RFID tag and the blockchain behind it. The RFID tag is placed onto products. When the consumer purchases a product tagged with a WaBi tag they scan it using the WaBi app. This will then update and pull the information stored on the blockchain for the consumer. The information shown to the consumer consists of the products previously scanned locations and ingredients contained within the product.

Features

This solves a huge problem that the company could face called a “voting paradox” or a 51% attack which can occur within distributed verification networks. With consumer trust growing in the WaBi tag, having it on a product could deem it authentic enough and they might not scan the WaBi tag at all. If enough consumers start doing this we would see the beginning of a voting paradox and it would expose the WaBi system to counterfeit products. Walimai solved this issue by creating a reward system to encourage scanning of their tags. By scanning a product the consumer acts as a miner on the network and by doing so they get rewarded in WaBi Tokens.

Summary

WaBi is a highly innovative product and has produced some outstanding results. From ICO phase to having a product that is used on the market today. Solving the problem is what Walimai really believe in. Investors might find this ideal as the price of WaBi is not Walimais priority. I would highly recommend taking a look at their white paper if you are interested in finding out more about WaBi.

Pros

  • Smart contracts
  • WaBi Reward System

Cons

  • Fitting into the supply chain
  • Wabi tags need to be placed on the products
  • Potentially costly process
  • No physical or digital backing (asset, profits, commodity)