Carry Protocol | ICO Review

In simple terms, Carry is a platform that connects merchants and consumers using blockchain.

  • A wallet API for payments that enables consumers to manage their own privacy and optionally monetize their transaction data
  • A protocol that powers the next generation of apps for offline retail
  • An incentive mechanism that drives consumers to Carry merchant stores
  • Crypto-enabled payment terminals for offline businesses
  • Branded tokens for offline brands and shops—the “loyalty points” of the future
  • A targeted advertising system based on the opt-in transaction data blockchain


What is it?

Merchants and consumers are the most important participants of the system and use Carry Protocol to communicate and interact in various ways. Another participant in the Carry Protocol is advertisers, many of whom are expected initially to be merchants in the system. Carry Protocol comprises of two major parts, each with two components :

First is the blockchain itself that houses:

Carry transaction database which refers to the virtual database on the blockchain where the transaction data is generated and uploaded by consumers.

Carry smart contract which supports the issuance and use of tokens (CRE and branded tokens) on the Carry Protocol.

Second is a set of APIs that connect the blockchain to third party software, including:

Carry wallet API enables wallet apps to support Carry Protocol and lets consumers manage their cryptocurrency, control their transaction data & privacy settings.

Carry device API is an API that allows devices at the stores to support Carry Protocol, and provides the function to pay with cryptocurrency and sends payment data to consumer’s wallet.


Technical aspects (8/10)

Carry Protocol’s service begins when a consumer buys goods or services at a store and completes a transaction. Carry Protocol supports fiat payments such as credit card and cash, as well as cryptocurrencies , making it easy to use for anyone.

Merchants must be equipped with an interactive device like a tablet to use Carry Protocol. Most merchants already have a POS (point-of-sales) device, which could itself function as a Carry Protocol device or require a separate device like the tablet. The device will send the transaction data from the POS to the customer, and help the customer upload this data on the blockchain.

Merchants often provide loyalty points or coupons to customers as a way to encourage return visits. Carry Protocol helps merchants to this end by providing tokens branded for each merchant. The branded token is issued by merchants and provided to customers, regardless of whether or not the customer chooses to upload the payment data on the blockchain.

The branded tokens act as a receivable issued to the consumer by the merchant, and thereby imposes an obligation on the merchant to provide goods, services, or other benefits accordingly. Branded tokens have a number of other properties and uses. After completing the transaction at the store, consumers will receive the transaction data on their wallet app.

There are multiple ways of receiving transaction data:

entering their phone number on the device,

scanning the QR code from the device using the wallet app

The consumer can then decide whether or not they upload the transaction data on the blockchain. It is entirely up to the consumer whether to upload the data or not, in part or in whole.

Carry Protocol gives full authority of the data to the consumers to realize its mission of “consumer data ownership.” Even when the consumer chooses to upload the transaction data, whether in part or in whole, their privacy will be protected through anonymity shield and data encryption.

Carry Protocol gives consumers CRE (pronounced “carry”) as a reward for uploading their transaction data on the blockchain, thereby encouraging more uploads. The CRE given to consumers will be taken from the Carry Token Pool built from the inflation of the blockchain itself.


Technical conclusion

Carry’s platform offers an extremely wide and complex product that is full of potential and possible implementations in the real world. It is hardly possible to concisely convey all relevant details regarding the technological aspects of this startup, but all-in-all, from a technical standpoint, this project looks great.


Who are the competitors? 

There are no direct competitors to Carry protocol.


What is the ICO’s USP?

The main selling point for this ICO is the company that stands behind it, Spoqa. Not only are they incredibly experienced professionals already dominating the market, they also have very important partnerships, connections and networks. Essential to any business.


Potential use case for this ICO (10/10)

Building on their experience conducting business operations in the offline market and securing 10,000 partner merchants with 15 million consumers, the team wishes to resolve the inefficiencies of the offline business domain by resolving these problems with three objectives:

  1. Provide a platform for merchants to understand their customers and communicate with them,
  2. Enable consumers to control their own transaction data and monetize the information,
  3. Offer a new advertising channel that is effective and transparent.


Who are the team? (9/10)

The team is highly experienced and well rounded. Most of the team is derived from Spoqa, the mother company, which is a giant success and number 1 brick-and-mortar in Korea. Strong professional experience, excellent management and diverse projects under their belts is what sets this team apart and makes for a very promising project.

Spoqa already has 15 million customers, 10 000 partner stores, $1 billion in transactions, and, as the team states, everything is ready to be updated to Carry’s systems due to a very quick and easy update method already set in place


Who are the advisors? (8/10)

  • Simon Kim, CEO at Hashed, a leading crypto investment fund in South Korea that’s also behind projects like Icon (another big Korean project that had a HUGE ICO), Medibloc, and more. Kim also organizes Hashed Lounge, a premier Seoul blockchain meetup. He was Chief Product Officer at Knowre, an ed-tech startup named by Fast Company as one of the Top 10 Most Innovation Companies in Education.
  • Lily Liu, Co-Founder at, acquired by Coinbase for $100m.
  • Shaun Djie – Co-Founder of DigixGlobal, which lets users buy gold tokenized as DGX tokens on the Ethereum blockchain, and is also founder of the Ethereum Singapore meetup. Digix was actually one of the first ever ICOs.


Who are the investors backing this?  (7/10)

Not directly Carry protocol, but it’s parent company, Spoqa, is backed by investors such as Hashed and Draper Dragon. More information regarding investors should be released soon.


What partnerships do they have? 

While not Carry, parent company Spoqa boasts some important partners:

  • Kakao – more or less a Google-level Internet conglomerate in South Korea. Everyone in the country uses its messaging app, Kakaotalk to text each other
  • Line – another huge messaging app run by Line Corporation, a Japanese subsidiary of Naver, South Korea’s Google (Naver is South Korea’s web portal, and everyone uses Naver instead of Google to search). Line’s reach is massive – it is the go-to messaging app in Japan, Thailand, and Taiwan and also immensely popular in countries like Indonesia.
  • Facebook

Spoqa’s clients include Nike, Grand Hyatt, and JW Marriott.


Is this a utility or security token?

This is a utility token – the token is required for the entire ecosystem, no matter if you are an advertiser or a consumer.

CRE must be provided to consumers, advertising service providers, or wallet (app) service providers as a reward to conduct ads on Carry Protocol using its transaction data. CRE is in itself a means of payment and an asset that can be traded at exchanges, and thus can be used at stores like any other cryptocurrency.


Do they need a token? (8/10)

Yes. The token incentivizes nodes to join the network and run the blockchain and powers the entire ecosystem.


When is the ICO and what are the token metrics?

The presale is closed, while the public ICO date is yet to be accounced.



There is no official GitHub code repository for Carry.


Hype Rate (7/10)

Medium/High – the project is not too hyped, boasting about 40 000 members in it’s telegram. Fair amount of news articles has been written, however the ICO has not gone mainstream at this moment.


What does the roadmap look like? 

Based on the current timeline, Carry expects to complete TGE by the third quarter of 2018 and to develop basic components to launch Testnet by fourth quarter of 2018. The goal is to have the system up and running in the market sometime in the second half of 2019, with the launch of Mainnet and basic API for 3rd Party participation available in the first half of 2019.

The roadmap is plausible and decent, however, more detailed information should be provided.

H2 2018 H1 2019 H2 2019 H1 2020
Protocol Building Application Building
Smart Contract

Protocol API

Reference Wallet

Reference Point-of-Sale

Production Wallet

Production Point-of-Sale

Ad Management


Will we be investing?

The project is run by successful entrepreneurs and the use of CRE tokens makes sense for the business. We believe the project has a good chance to succeed, especially considering that it is based in South Korea, the country that is very savvy with the use of cryptocurrencies. So our conclusion is yes, we will be investing.

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