WABI solves a range of real-life problems for brands and users alike:
Users
In the current set up, brands + platforms collect user information without giving anything back. Within the WABI ecosystem, users are rewarded for their active participation.
Brands
Within the WABI ecosystem, brands receive superior marketing insights and capabilities with deep-data to fuel their growth.
Wallet
Between earning and spending, consumers keep WABI out of active circulation.
The WABI Ecosystem
WABI for Consumers
1) By scanning either an NFC label or a common product barcode you can access the most comprehensive overview of an FMCG item available on the market today. This ranges from manufacturer's record of past product safety violations to nutritional information, ingredients safety analysis, independent product reviews and rankings, to the item's journey to the market.
The next time you are buying a toy or a piece of candy for your child you can make sure that the company that made it wasn't fined for using industrial paint with lead, or that the harmless food coloring was not found to be linked to cancer by a recent study. Moreover, your scan history and preferences help manufacturers save their marketing spending, and as a result, you'll be benefiting from this saving and optimization by receiving WABI loyalty points.
2) You are often invited to share your feedback about your experience with some product or service, provide your opinion and recommendations to the manufacturer and share information about your daily habits. Your information is invaluable to the manufacturer who wants to keep improving their products and thus you are compensated with WABI loyalty points for your effort.
3) You can seamlessly redeem your loyalty points through any of our participating merchants.
WABI for Businesses
1) Experimentation and Rapid Testing
WABI allows businesses to instantly deploy targeted surveys and opinion polls to customers with a proven consumption history and get results within minutes, eliminating the inaccuracy of self-reported participants on mass poll resources and/or high set-up cost and slow implementation of the professional research consultancies. Additionally, brands can run A/B tests with live audience testing pricing, messaging, color, etc, to optimise offerings to target consumers.
2) Digital Ad Optimisations
Things that a person regularly buys are a very good predictor of what their product preferences are, even when it comes to a product that he has never seen before. Virtually every e-commerce platform has an AI-driven recommendation engine that leverages the user's past behavior to show him suggestions that typically lead to better conversions. Our ecosystem allows us to build a much deeper and more holistic user preference profile as it combines the data from the e-commerce platform as well as the scanning record that is completely channel-agnostic. As a result, we can build much more effective consumer seeds for look-alike targeting that can supercharge digital marketing across all top social channels: WeChat, Facebook, Tiktok/抖音, Weibo etc.
3) Marketplace
Our marketplace allows a rapid route to market for your product. As a part of a listing package, we provide extensive and in-depth behavioral data analysis that brands can use to supercharge marketing across all your channels. Marketplace already offers over 500 products and is quickly growing to make thousands of products available to consumers.
4) Brand Protection
Virtually any manufacturer is interested in having visibility and control over their supply chain. Moreover, there are quite a few software solutions often based on blockchain available on the market, that claim to provide exactly that. However, most of these solutions are found lacking after a while since most of them cannot deal with the problem of imperfect data. That is, no matter the smart contract, if, for instance, a sea port intermediary only deals in handwritten records, the meticulously planned system collapses.
WABI ecosystem has the "last mile authentication" i.e. enough users scan the products before consuming them to ensure that we can track where and which product batch is being sold, thus significantly diminishing the possibility for the distributor distortions. Moreover, this crowd-sourced authentication allows for rapid fraud and counterfeit detection that could potentially save the brand billions in fines, recalls and reputational damages.
WABI Tokenomics
WABI is an Ethereum-based ERC20 token with a total supply of 100m. As WABI adoption and user activity continue to grow, an increasing number of tokens is locked across user wallets, diminishing the circulating token supply.
The WABI token works on the Ethereum blockchain, allowing for seamless integration with exchanges and giving token holders ample storage options, as with any other ERC20 token out there. Due to Chinese regulations and capital controls however, WABI loyalty points used in marketplaces may not be directly traded on an exchange. As such we have, for legal reasons, developed a WABI loyalty point which is 1:1 connected with the WABI token. These loyalty points are called WABI points.
WABI loyalty points operate on their own blockchain, based on Hyperledger code, but with additional functionalities allowing for further future implementations. Since WABI tokens and WABI loyalty points are 1:1 interconnected, they always have the same value. Moreover, in order for one WABI point (called “jifen” in Chinese) to be issued to a consumer, 1 WABI token gets locked out of circulation. As such, as soon as someone in China receives bonus points from a purchase, a scan, or any other action in the ecosystem, Ethereum-based WABI tokens are instantly locked in the back-end.
This system has given us the opportunity to implement two separate blockchains within the WABI ecosystem, each optimized for their individual purpose.