Carry Protocol ICO Review

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The Carry Protocol brings PAYBACK to the blockchain. Sellers can reward their customers’ loyalty with carry tokens (CRE) or their own BT (‘branded token’). Customers can choose to sell their anonymized consumer credentials for CRE tokens, and businesses can bid for targeted advertising at no charge.

The company behind Carry, Spoqa, is already established in South Korea and will be able to roll out the protocol easily and quickly to the already existing systems — access to a million dollar market is guaranteed after the network launch.

Carry Protocol Tokenmetrics

Token, Tokenprice and Presale

The carry token (symbol: CRE) is today an ERC20 token. It serves as the currency in the carry system and can be used to create smart contracts. In crowdsale, he is sold at $ 0.0093 a piece. Almost 374 million tokens are earmarked for the presale, with a 15% bonus and a 3-month ban on tokens not being transferable (‘locked’). 650 million USD are to be sold in the ICO.

Token distribution and Marketcap

In total, 40% of tokens go to investors and 25% are earmarked for affiliate programs. 10% will hold the team. The 15% ‘market activation’ should go in the form of Airdrops to customers and sellers.

The team also wants to reach a hard cap of $ 29 million, with a total market cap of $ 93 million. The entire offer includes 10 billion CRE. The distribution is illustrated again visually in the graphic below.

Looking at the distribution of 40% isolated, we move here in the lower average. The big advantage of a blockchain, the decentralization, is not reached with the value, 25% contribute to the affiliate program and the 15% market activation. The market cap appears quite high just at the beginning of the project and could hinder the prospects of short-term growth. However, with $ 29 million hard cap, the project is in a good range.

Particularities

The CRE Token will be exposed to inflation, but the rate is not yet known at this time. On the one hand, this contributes to a value stabilization of the currency, which is beneficial for daily use; On the other hand, it is precisely this aspect that reduces the prospect of profit from the perspective of investors.

Carry Protocol project details

Idea

Everyone knows the loyalty programs, such as PAYBACK — for shopping you get bonus points, which you can then convert to bonuses. The principle wants to transfer the team behind Carry now also on the Blockchain; The focus here is on offline trading, i.e. the actual transactions that are made in a café, for example, and not via online marketplaces like Amazon.

In detail, Carry’s Mission includes the following three aspects:

· A platform that gives sellers the ability to understand and communicate with their customers,

· customers regain control over their own data and can turn it into money themselves, if that’s what they want and

· the opening of efficient and transparent advertising channels.

The technology behind this unites ‘on-chain’ with ‘off-chain’ elements (see picture below). The process should be controlled by smart contracts.

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On the blockchain are the carry transaction database and the smart contracts, ‘off-chain’ are APIs that connect Carry’s Blockchain to third-party software.

As a rough example, sellers can choose to combine their system with the carry log and, as a bonus to any customer, distribute their own tokens — called ‘branded token’ — to customers. These are then only available in the corresponding market, similar to bonus points. The customer, on the other hand, can then decide to anonymously publish his purchasing information on the blockchain and be paid for it in CRE tokens. Targeted advertising will also be within the scope of the possibilities, insofar as the customer agrees to receive them.

In addition to payments in traditional currencies (EUR, USD, etc.), CRE and the special ‘branded token’, Carry will also allow payments in BTC and ETH. Besides the employment of the Wallet App the own mobile number should be sufficient for the execution of transactions. The CRE token plays different roles: (1) as currency, (2) for promotional purposes and (3) for the execution of smart contracts (in which case a certain number of CREs must be held to cover the execution fee). With the Network Launch, Carry will receive its own blockchain.

Market and competition

Off-line trading covers a volume of approximately $ 25 trillion. Carry could be integrated into any trade where loyalty programs actually make sense; but that should not be all by far. The focus here would probably be more on things of daily life such as drinks, snacks, restaurant visits, and so on.

However, Carry does not have to worry about entering the market because the founders behind the project are also the founders of Spoqa, provider of South Korea’s largest platform for loyalty programs. They have already installed their tablet-based service, Dodo Points, in 10,000 markets in South Korea, reaching 15 million customers. The Carry protocol should be playable as a simple and fast (only a few minutes) update — so the project has a huge competitive advantage over the competition and can benefit directly from a million market to start. In addition, Spoqa partnerships with Facebook, LINE and cocoa, as well as Nike, Grand Hyatt and JW Marriott count among its customers.

Carry already has competition, such as LoyalCoin — but this offers no ‘branded token’ and no advertising opportunities or opportunities to sell their own consumer data. LoyalCoin’s market cap is currently around $ 23 million, with the highest point at $ 32 million. The currently difficult situation on the market for all coins should, of course, be kept in mind in this context. Nonetheless, we can use these numbers at least for a simple comparison: Carrys Hard Cap> LoyalCoins Market Cap, which makes the prospects for big growth look rather neutral at the moment .

Project development and roadmap

With regard to the product status, there is actually only the idea for Carry. It is good that the team has at least experience in customer retention through loyalty programs. In Q4 2018, at least once, basic components of the Testnet will be developed, the entire system should then be fully functional in the second half of 2019 — ie investors can wait about a full year until the finished product comes on the market.

For the first half of 2019, the Mainnet and a basic API is scheduled.

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The roadmap is quite simple and unfortunately does not have any minor milestones, so you could follow the development. In addition, although there are no smaller milestones, even the larger vision of the company does not really come out. The roadmap ends in 2020 — with coarser steps, the team could have used the opportunities to convince investors of the project and their own intentions over the long term. Unfortunately the target is not reached with this graphic.

Carry Protocol Team

The core team consists of 10 employees, incl. Management. In addition, they have access to the knowledge of 6 consultants and are supported by 10 investors (including Hashed, DraperDragon, Kenetic).

The leadership is shared by Grant Sohn and Richard Choi , who act as ‘co-CEO’. Both are also responsible for the success of Spoqa, which Dodo has developed and serves 10,000+ stores and 15 million customer loyalty users in Korea. One can think of Dodo as a tablet based PAYBACK program.

Grant Sohn also has experience as Managing Director (Asia) at Wimdu GmbH and as Business Analyst at McKinsey & Company.

Swen Mun (Lead Developer) is the current CTO at Spoqa and previously worked as a developer for Korean companies. However, the information on LinkedIn is very sparse. According to the website, he also has experience in encrypting and backing up databases.

All other employees work alongside Carry for Spoqa.

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Interestingly, in addition to the core team, they still have the ‘extended team’. There are three people — JC Kim, Eddie Chang and Boyoung Chung — who hold the posts of project managers. They bring skills such as software development, patent law, VC experience and a degree of popularity (JC Kim is listed on Forbes 30 Under 30 Asia).

All in all, the founders have already proven their skills and are leading and managing a successful project in the same industry. Carry is now the step to follow the Blockchain. However, it should be mentioned that no one in the core team has experience with the technology.

Carry Protocol Consultant

Where the team lacks the knowledge, the consultants can start: Simon Kim & Ryan Kim are managers at Hashed, a crypto-fund from South Korea. David Park has been working as a consultant for companies such as Facebook, Nextdoor and McKinsey & Company for 20 years. Lily Liu co-founded Earn.com, which was eventually sold to Coinbase. She studied at universities like Stanford and Harvard. Shaun Djie also has Blockchain experience: he is the founder of DigixGlobal (the DGD Token is currently # 55 on coinmarketcap) and the Ethereum Singapore Meetup.

Unfortunately, there is no reference (LinkedIn) for any consultant.

Carry Protocol ICO — Data

· Project name: Carry Protocol

· Symbol: CRE

· ICO start: 24.06.2018

· Token Price: 0.0093 USD

· Presale: 373,750,000 CRE, 15% bonus

· White Paper

· Hard Cap: 29,000,000 USD

· Token distribution: 40% for investors

· website

Carry Protocol ICO rating — conclusion

This is a solid project that is weakening in terms of roadmap and development, but strongly valorised with vitamin B. In addition, the integration of the Carry Protocol on existing systems should be easy and quick. The team has experience in the industry and can rely on well-known partners (Facebook, LINE, Cocoa) and investors (eg Hashed, Kenetic Capital, DraperDragon, etc.). Having already established a loyalty program service in South Korea with the Dodo Points, Carry will have a million dollar market directly after completion — a major competitive advantage for the project.

Overall, the chances of healthy growth are good. The fact that the project is also suitable for an ICO flipping is underlined by the good external evaluations and the good hype for such a young project.

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Marko Vidrih @cryptomarks

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