WaBi Founders ‘Office Hours’ — 18th of July
Highlights from the bi-monthly community Q&A session
The ‘Office Hours’ are a dedicated time, hosted every two weeks, in which the founders of WaBi, Alex & Yaz, take questions from the community. ‘Office Hours’ are held in the Verified WaBi Holder Telegram Group and you can join the group by following these instructions:
How to join the Verified WaBi Holder Discussion Telegram Channel
With our main WaBi Telegram group reaching almost 9000 members, a level of spamming, fudding, and white noise posting…
Below are some of the questions asked and answers given on the ‘Office Hours’ session on the 18th of July. Repeat questions or unrelated questions have been removed and some answers have been expanded for clarity.
Question 1: Exchanges
Hi! I think the most important question for community, me at least is token liquidity.
Are you going to place Wabi on other exchanges? I understand you can’t disclose negotiations with them, but could you tell us approximate listing date without saying name of exchange?
There are few parts to this answer:
1. Exact date?
Pretty early on, we decided not to announce announcements. Saying something akin to “We will have a BIG announcement on the 1st of January,” is a temporary way to create some hype. We said we will not do that. And, like we said, we will not do that. As you have seen with Binance, we got listed and news came out. We will do it in the same way with other exchanges.
2. “Lack of liquidity”
Looking at Binance, the spread on WABI/BTC is 0.14%. It’s really not that bad, so I don’t think there is any big issue with liquidity.
The reason other exchanges are important are more around having additional exposure and drawing more people to know about WaBi. I agree that this is important, but there are many other ways to draw attention and spread awareness apart from listing on exchanges. Besides that, some listing fees go up to 1m USD+, and if we start paying those kind of price tags we will not have money left to actually develop the project. If we wanted a short pump and a bankrupt project, it would be a way to go. We want a thriving long term project, so our exchange negotiations are in a more sane area.
Question 2: On-going negotiations
There was a message a couple of months ago where there was said; we are currently speaking with a (or more) Fortune 500 company. Are there still conversations with that specific company? Knowing there would be more announced later this year, just curious if there still is progress.
There are a number of negotiations going on at the moment. Some of those are progressing in directions we really didn’t think were possible only a few months ago. As we said before, we are stepping up on the marketing and I hope you will see the results of these efforts before too long.
Question 3: WaBi usage
Hi wabi team, i have one question for you. like how many people allready using wabi for payment?
We are working on a number of initiatives to leapfrog the adoption curve, especially post-rebranding. We can’t go into details at the moment, but would be happy to revisit the question during the next several Office Hours sessions.
Question 4: TrustNodes
Can i do somethink to push me to a trustnode? i realy want to be a trustnode. i already fill the paper and did everything right now i m working on the masternode to set it up.
We are doing the assessments on trustnodes as we speak. You don’t really need to do anything. If there is anything that needs to be done, we’ll get in touch with you.
Question 5: Adding WaBi to your masternode wallet
Will I be able to increase the number of tokens on my wallet after starting the masternode and will they be used to pay the prize?
Yes, you can still add the tokens, we have that option available. If, at some point, adding more tokens will not be drawing additional rewards (for instance, when it surpasses the 100k Wabi limit that we already have) — we will announce that.
Question 6: Roadmap
What is next for Wabi in near future (6–12 months)? Can you show us some roadmap and tell most interesting moments?
A roadmap has been published. We are focused on working towards the goals outlined there. In certain aspects we took detours which we believe will benefit the project.
Question 7: Implementing tech with individual partners
Since there was a couple of partnerships announced already. Can you give a short status update on where you stand with those brands? And how the implementation gets formed? E.g. time to market?
We are working out the exact specifics and customizing the tech for individual brands and products. We should be seeing these products on the shelf within a couple of months.
Question 8: Marketing
What is your future plans for marketing? I think your marketing should be a little aggressive, I see a lack of activity. Will you marketing director share her minds and take discussions in near future?
We’d rather you see it done than see the plans for it. We do plan to do more on marketing, we all believe Jackie will do a very good job.
Question 9: Rebranding
As I remember you wanted to make website rebranding few months ago, how it is going on?
We did some tweaks before and are doing a full-on rebranding now. Some hot discussions on a new brand, 500+ of consumers interviewed, loads of data analyzed. Basically, it’s going fast as we need to get it done to proceed with other things.
At the same time we don’t want to take it lightly. I’m not sure you remember companies that were called “Brad’s drink”, “AuctionWeb”, “Computing Tabulating Recodring Corporation” or even “Backrub”.
Question 10: Legalities
Nowadays, crypto community are afraid of upcoming token regulation from SEC, they promised to start regulating coins, which rised funding on ICO’s. Have you consulted with legal team about classifying your token. Can you confirm that Wabi is not a security token?
We have legal opinions from 3 jurisdictions (China, US, Singapore) that WaBi is not a security token.
Question 11: Product categories
Other than baby formula and alcohol, are there other products you are live on and in stores? What are other products you are looking for in the future?
Labels are being tailored for additional categories: cosmetics, vitamins and skincare. These product categories also fit quite well together in terms of retail channels and consumer segments.
Question 12: Other markets and premium brands
Are you going to go on other markets expect of Australia and China? Is it real to make partnerships with premium brands like LV etc?
We do have a business development representative in Japan already, operations in Europe, and we plan to find a representative in Korea to source Korean brands (cosmetics and skincare in particular). If you have anyone to recommend, please, do at email@example.com
As for premium brands, if you only mean the LV part of LVMH then no, it is not interesting to us. We declined a few such requests. The volumes are tiny and consumers don’t really care about fake designer bags, hence it is hard to make our crowdsourced solution work effectively.
If by LV you also mean the MH (Moet + Hennessy) part of LVMH— these are good candidates for us.
Question 13: Pharmaceuticals
Do you plan to secure medicine business?
Yes, but it’s a longer term goal. Pharmaceuticals (I guess that’s what you mean by ‘medicine’) is a complex and highly regulated business which is big and important but doesn’t fit as well with our other product categories (baby food, cosmetics etc.), which are more of a priority to us. It needs a different approach and we will do it, but later.
We are moving food supplements and OTC medication, however. Similar use cases but much less regulation.
Question 14: Whiskey and WaBi
I’d just like to say that I would love to see you guys enter the Alcohol market, specificaly Whisky, as a collector of it and drinker I know they have quite a big problem with counterfeits in the Asian market. They still stick these hologram stickers to the bottles which my research tells me are pretty useless. I’ve done quite a few distillery visits in my home country (Scotland) and I dont even think they realise there is a 100% soloution to their problem. Obviously its a lot of work for you guys to get that extra exposure when your focusing on the formula just now but I’m certainly looking forward to growth in that area.
Good to know! Would you be open to giving some feedback on the whiskeys we are choosing for our portfolio?
And we do plan to come to Scotland for some of the in-person ‘category management’ 😄
We’d like to thank everyone who joined us for our ‘Office Hours’. Our next session will occur on the 1st of August, 8 to 9 PM Singapore time. If you have any questions for the founders, please join us through the following process: