Carry Protocol- Disrupting the offline loyalty rewards industry

Whenever I think of a new crypto project to invest, the first thing that comes to my mind is “Will this crypto actually be viable for use in real life? Is its adoption possible in the real world?” If the answer is yes, then only I proceed to research further.

Let me introduce you to one such good project “Carry Protocol

The majority of our day to day life shopping is done in the offline world e.g. going to a restaurant for coffee, going to a salon for a haircut, going to a showroom for buying clothes………the list goes on. The point I am trying to make is the offline market is worth a lot. To put things in perspective…

Mobile retail commerce: 600 Billion USD Industry

Online commerce: 1.8 Trillion USD Industry

Offline commerce: 25 Trillion USD Industry

The problem with Offline space is that lags behind Mobile and Online space in terms of technology. Retailers still run point of sale (POS) devices running Windows XP. This space is ripe for disruption, and Carry is here to disrupt the loyalty rewards space. Carry aims at connecting merchants and consumers through blockchain.

What will Carry(CRE) tokens be used for?

Consumers can use it as currency to pay merchants within the Carry ecosystem. Merchants use it to create branded tokens (like “Whoppercoin” of Burger King, “Stars” of StarBucks) or smart contracts. Consumers receive CRE from 3rd party advertisers, as payment for accessing the consumers’ transaction data blockchains. And this will be achieved keeping anonymity intact.

Team and Company Background

The Carry protocol is operated by the co-founders of Spoqa, South Korea’s largest brick-and-mortar rewards platform. All the team members have relevant experience in the field which is something that I like a lot because they know the problems and solutions to it.
Spoqa is very famous in Korea. If you’ve stopped by a restaurant or have picked up a cup of coffee in Seoul (Korea), it’s highly likely that you might’ve interacted with their platform without even realizing it. Spoqa already has customer-facing tablets installed in 10,000 stores across Korea, for use with their Dodo Point loyalty service. Dodo point is used by 15mn users in Korea (i.e in 1 every 3 Koreans). Additionally, they acquired their competitor Points Plus two years ago which gave them 5mn more users. There are over 130k (110k from Dodo, 20k from Points Plus) transactions taking place every day on their platforms currently. To date, they have tracked over 1bn$ in offline spending, and even without any growth, they are projected to track 2bn$ offline spending on an annual basis.
The Carry Service will be launched on these customer-facing tablets with an effortless update that won’t take merchants more than a few minutes to complete. They are literally set to roll out overnight. (I recommend you take a minute to you realize the gravity of this point in terms of adoption).

What makes Carry an attractive choice for merchants

The major problem that merchants face is understanding their customers. To have a better understanding of their customers they need data. But all these merchants face data silo problem. Why? Because customers in the first place have no reason to share their data with them nor are they incentivized to share. This is where the Carry protocol steps in. It incentivizes customers to share their transaction data and rewards them with CRE tokens. From a merchant’s perspective, CRE will be used as a means for targeted marketing where targeted customers will be given a coupon of attractive deals. Merchants will stake carry tokens to promote their deals.

Partners and Investors

Hashed is one of the best blockchain investors that has proven to be a boon for any project who’ve got themselves into their accelerator program.

If you’d like to know more about them visit this link

The Value Korean Demography

Korea is one of the countries that is hi-tech quite literally. From Robotics to high-speed broadbands, Korea has cemented its place in the world as a highly tech-savvy nation. Cryptocurrencies are no exception, Korean volume on crypto exchanges is extremely significant. The young population is highly proactive in crypto trading. Korean population overall has been very soliciting towards embracing new technologies which include blockchain technology. A good example of this can be the initiative taken by Korean e-commerce giant WeMakePrice in announcing support to payments via 12 different currencies in a partnership with Bithumb.

Future Plans

In the next three years, they aim to expand into 500K Stores and augment their user base to 300mn users.

Hardcap

Some of the people were worried about the high hard cap. I would like to bring to their attention that Carry requires investment in additional hardware. They will be distributing tablets to the stores they will be partnering with. As they plan to expand into 500k stores it justifies the raise of 48K ETH. In my opinion, it’s probably the best usage of the funds they are raising.

Final Verdict

A product from a company that has a proven track record of success. Hard-working team with relevant experience. Backed from Hashed. Strong partnerships and a clear vision of implementation. All boxes have been ticked green.

Definitely an ICO I will be participating in.

Couple of Videos I’d like you to watch to get deeper understanding

Introducing Carry Protocol: A Blockchain For The Offline World

Pitch from the founder at hashed

Thank you for taking the time to read my writeup. To stay updated with my good project findings you can follow me on Twitter @CryptoAssassin4

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