WaBi (WABI) is an ERC-20 compliant token developed on the Ethereum blockchain to identify counterfeit labels on the consumer products especially medicines. WaBi tokens are used as to incentivize the scanning of anti-counterfeit labels on Walimai protected products. Walimai is a Shanghai-China based company producing cost-efficient "Walimai labels" with their secure anti-counterfeit technology. RFID chips are used with banking-level dynamic codes with anti-copy functionality. ConsumersShow more [+] authenticate the products using the phone app. WaBi token is a loyalty program that encourages users to buy Walimai protected products (pharmaceuticals, infant food, cosmetics, etc.). The Walimai label uses the blockchain technology to store critical information about the product such as origin, producer, product type, production time, geolocation etc. One the product reaches the customer and is scanned the data is verified with that on the blockchain. WaBi token is used as a unit of exchange in Walimai's protected goods eco-system. WaBi tokens are given to the consumers scanning the products as an incentive. These WaBi tokens can be used to buy the products.
WaBi was co-founded by Alex Busarov and Yaz Belinskiy. Alex is a former McKinsey & Co consultant and sales director at a leading infant food producer. Yaz is a former consultant with Bain & Co. The team consists of 10 other members. The advisory team consists of 5 members including Mark Zavadskiy, business development director at Aliexpress.