Taelpay (formerly WaBi) is a blockchain-based supply chain management company headquartered in Singapore, and the creator of the Tael token. They intend to prevent the purchase of counterfeit goods, with a focus on the Chinese market. Europol estimates that China and Hong Kong produced 86% of the world’s counterfeit goods, for a total of 396.5 billion USD. To achieve their project goals, Taelpay is leveraging the immutable quality of blockchain technology to allow users to search product labels and receive information about the associated product from the blockchain.  The Tael token (ticker: WABI) provides an incentive to publicly verify transactions, and is currently an ERC-20 protocol token running on the Ethereum blockchain.

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Taelpay, formerly known as Walimai, started operations in February 2014, before beginning sales in December 2016 and launching the WaBi blockchain in May 2017. Many of the leaders have a strong management consulting background, and include several experts in consumer goods. There are 7 core members of the team listed on their website, and beyond that 5 more listed on the original whitepaper, in addition to a 5 member advisory team. As Taelpay is a supply chain company, most of those listed are involved in business development and project management, with only the one software development team lead.

utility & incentive Schemes

Tael (ticker: WABI) is the name of the token associated with Taelpay. Users who buy products with a Taelpay label scan it to verify its authenticity, and by doing so they mine Tael, which they can use like a rewards program to buy goods in the future. They can also earn Tael by participating in marketing activities. In the whitepaper this is referred to as “mining.” Rewarding people with Tael is a way to prevent people who trust the product enough (or are lazy) from not scanning it with their phone.

Transactions made using Tael are stored on the Techrock blockchain, which is based on Hyperledger software and requires the use of Masternodes to verify transactions. To be a Masternode, you must have 5,000+ Tael. You also need to be one of the Top 30 holders of Tael in the world. A TrustNode is a form of Masternode that receives a higher payout. TrustNodes are meant to increase community trust in the project by publishing the names of the organizations or people running the TrustNode. By either running a node or scanning designated products, users are incentivized to engage with the blockchain through various rewards which they can spend on products.


Taelpay raised $11.5 million in an Initial Coin Offering. There were 46,000,000 tokens sold from a total supply of 100,000,000, and the ICO lasted for 3 days. The Taelpay ICO was unique because it adopted a bidding system in which all participants demanded their own price. This was an attempt to discourage traders and reward those who had long term intentions. Tael currently has circulating supply around 50 million.

Market opportunity

Counterfeiting is a massive problem in China. Taelpay is looking to create a new niche of blockchain-based protection of consumer goods from counterfeit. Three of the main products Taelpay wants to address are milk powder, cosmetics and alcohol, which combine to form a $229 billion industry. China has the largest middle class workforce in the world, who are especially prone to purchasing counterfeit cosmetics and electronics.

Taelpay is attempting to disrupt the Chinese market, so its main rivals are other supply-chain projects focused on consumer goods in China. Its main cryptocurrency competitor is VeChainThor. VeChainThor uses a proprietary smart chip technology to create VIDs that allow digital ownership transfer of objects by using smart contracts to encourage trustless and collaborative actions between separate parties. As an enterprise grade blockchain, they have an extensive platform with various different services and applications for businesses to use.

At the time of writing, the market capitalization of Tael is $6,433,767 USD, while the market capitalization of VeChain is $205,866,016 USD. VeChain has more partnerships and a greater presence overall, so it may seem Tael has an uphill battle. However, the Chinese consumer industry is so large that there may be room for multiple players in the space. In broader terms, if we look at the 5 most prominent competitors (VeChain, Waltonchain, Ambrosus, Modum and Origin Trail) there is a combined market capitalization of $261,750,867 USD.

Current Status & roadmap

Taelpay achieved all of their major goals in 2018. They started production of digital touch shelf production, put labels on pharmaceutical products, and began sales of alcohol products. They plan to release a new roadmap on February 12th of 2019. The main barrier for Tael at the moment is driving enterprise adoption and encouraging users to participate in the loyalty program. Overall, the product seems easy to use and increases user assurance in the quality of the good purchased. The project is promising, but it will be interesting to see how it competes in the shadow of VeChain.