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Guide: What is Wabi Cryptocurrency

ยท 24 Feb 2018 in Guides, Home
Cryptocurrency freelance writer. Many hours dedicated to researching on cryptocurrencies, the blockchain, and so on has increased my experience in this field.

WaBi is a digital cryptocurrency that supports Walimai’s anti-counterfeit system and backed by sales of the product protected by its technology.

Walimai developed this project to link physical things electronically to which makes it possible to protect everyday consumer products like milk-powder, medical products, drinks, and other things both physically and digitally.

With the growing rate of fake products in circulation estimated at 61 billion USD globally, it is therefore vital that food items and pharmaceutical products are adequately authenticated before it gets to consumers. Though the blockchain can prevent this to a large extent, it can only achieve this if each product is recorded on the blockchain.

The WaBi project comes in by linking physical and digital assets through RFID tags which have anti-copy protection functionality in place. Consumers are therefore able to identify genuine products using gadgets such as mobile devices.

WaBi Token

WaBi is native to the WaBi platform. It can also be used as a store of value. WaBi has its most significant trade volumes on the Binance platform and can be exchanged for Bitcoin (BTC), Ether (ETH), or the Binance Token (BNB). Since its launch sometime in December 2017, the value of the WaBi token increased in value by more than 525%

Best Wallets To Store WaBi Tokens

The easiest and most convenient wallet you can use to store your WaBi tokens would be the MyEtherWallet which is a wallet designed to save all tokens on the Ethereum blockchain (this includes WaBi). It is essential to back up your Keystore File in multiple secured locations as losing this file is as good as losing your tokens. There is also an option to print out your private keys and QR code for your wallet on a paper.

Other third-party wallets you can use to store the WaBi tokens include the IMTOKEN, METAMASK, PARITY, and MIST ERC-20 token compatible wallets.

You can also store the tokens on hardware wallets such as the Ledger and Nano hardware wallets.

How To Purchase WaBi Tokens

WaBi tokens are not directly purchased with cash, well except having to pay a friend to sell you some. But you can buy WaBi tokens by exchanging some Ethers for them.

You can first buy some ETHfrom Coinbase or any other exchange out there. Then head to Binance exchange to trade your ETH for WaBi.

The Team

Founder and CEO of the WaBi project is Alex Busarov is an entrepreneur who has invested in a couple of digital startups across Russia and China.

Yaz Belinskiy is the co-founder of the WaBi project who holds degrees from Oxford University and the London School of Economics. He has also worked in the consumer industry for over a decade.

Kitty Xu is the director of marketing, WaBi. She has been in marketing for over 20 years with different companies. She has previously worked with J&J and holds an MBA from Manchester Business School.

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