There are like 61 billion USD fake products in circulation internationally. Food safety and routine authenticity scandals in countries like China and imitation of pharmaceutical products are in play worldwide. WaBi is a digital currency that supports the Walimai’s anti-counterfeit system.
The cryptocurrency is backed by sales of products that are protected by the Walimai technology. Users worldwide can purchase products that are protected using the WaBi currency in the Walimai technology. The technology is a blockchain based technology to solve the problem with electronic resources and secures physical assets using a verification model and cryptographic technology. WaBi claims to open new horizons by ensuring the safety of trades and uniqueness of digital assets.
WaBi business Model
WaBi tokens help the Walimai foundation to develop a solution that firmly joins its electronics representation as a prize. The price allows Walimai to protect everyday consumer products like pharmaceutical, milk, alcohol and other products. The WaBi token is backed by safe products. The safety of the products is due to anti-counterfeit labels secure on the consumer products by WaBi. The products are mostly protected China and other international countries. Users can use it WaBi token to purchase labeled products.
How WaBi are used
Using the WaBi is not as complicated as using other cryptocurrencies. Users only need to single click automatic payment for Walimai products. Paying with WaBi grants from the things you purchase have other additional benefits such as bonus WaBi points, discounts, and improved delivery terms. The WaBi token also allows users to buy loyalty points in bulk and get rewarded with discounts.
Details on the WaBi project
The WaBi project is a blockchain based loyalty program that encourages reward purchase form the safe channel of Walimai. The project also helps build a collective security through human actions. Currently, the tech function is to make WaBi a reality and help improved product security. The project uses the RFID tags that have an exceptional anti-use design.
Walimai started the first discussion about counterfeit products in China in the year 2012 and choose the RFID tags based technology for a future solution in 2013. The name Walimai was also chosen in 2013, which stands for frog, force and buy. The official start of business operations began in 2014 in the city of Hangzhou, China and by December 2017 the company had expansion so baby shops selling Walimai protected products. They plan to start partnerships with a network of producers and distributors in 2018.