Carry Protocol ICO Review – Connecting Merchants & Consumers with Blockchain - Crush Crypto

Carry Protocol ICO Review – Connecting Merchants & Consumers with Blockchain


Video summary (video is 7:44 long):

Project Overview

What does the company/project do?

Carry is a platform that connects offline merchants and consumers using blockchain.

Using Carry Protocol, merchants will be able to issue Branded Tokens (BT) which serve similarly to loyalty points. Users can earn BTs simply by providing their phone number to the merchants when making a purchase.

Users can also earn CRE tokens or coupons when taking advantage of promotions or selling their personal data to advertisers/merchants.

There are two main components of the Carry Protocol, their blockchain and smart contracts solution, and their Carry Wallet and Carry Device APIs.

The Carry Wallet will be the main hub for the consumer, where the can scan stores’ QR codes, make payments, and, if they choose, share their data with advertisers for compensation in the form of CRE, and BT that they receive from specific advertisements.

The Carry Device APIs will be for the store’s end of things to provide support for in store devices, which will allow said devices to interact with the Carry Wallet, send it data, and BT.

For the backend, there will be the Carry Protocol blockchain, on which transaction data is stored, and will be interacted with when a customer makes a purchase, noting what they’ve purchased, the price, etc. This data will be strictly accessible by the customer in their Carry Wallet.

The team is also developing smart contracts that will be responsible for handling any automatic payouts/token transactions, and will also be used for minting BT for specific stores to use as loyalty points.

Consumers will be able to pay for services and goods with both crypto and fiat, but still benefit from the Carry Protocol even if paying with fiat. They will be able to scan a QR code, or share their device phone number and receive the same promotional deals or BT as if they were paying with crypto.

Below is an introductory video of Carry Protocol (video is 1:37 long):

How advanced is the project?

Carry Protocol is founded by the team that established Spoqa, a brick-and-mortar rewards platform in South Korea. Spoqa currently has customer-facing tablets in 10,000 Korean stores with 15 million consumers.

The graphs below show the user base and check-ins of Spoqa since the company started in 2011.

The Carry Service is planned to launch on these tablets through an update that will only take a few minutes for merchants.

The team plans to launch their testnet by Q4 2018 and have the system up and running in the second half of 2019.

The rest of the current roadmap is summarized as follows:

Q3-Q4 2018: Smart contract and protocol API
Q1-Q2 2019: Reference wallet and reference point-of-sale
Q3-Q4 2019: Production wallet and production point-of-sale
Q1-Q2 2020: Ad management system

What are the tokens used for and how can token value appreciate?

CRE tokens are going to be used for a number of things within the Carry Protocol.

On the merchant side of things, there will be a number of functions. To begin, the merchant is going to have to stake a certain amount of CRE for two things: 1) the creation of BT, and 2) their use of the smart contract. Depending on how much is staked, the merchant will be allowed a certain number of transactions/day. Another option here is a pay-as-you-go structure, paying CRE for each transaction.

From there, the tokens will be used as advertisement, incentive, and BT. Advertisers and shops will give/pay out a certain amount to consumers, and the consumers will use CRE or BT to pay for their purchases or receive discounts.

The value of these tokens hinges on the adoption of the project, in terms of users, merchants, number of check-ins, transactions, etc. The more adoption the project has, the bigger the network effect and the more valuable CRE tokens should be.

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Carry Protocol was started by the co-founders of the Spoqa, and is backed by investors including Hashed, Kenetic Capital, Signum Capital, and XSQ.

The biographies of key team members are listed below:

Grant Sohn, co-CEO – Worked as a business analyst for McKinsey and Co, business consultant for Sohn Consulting, and managing director of Asia for Wimdu GmbH before co-founding Spoqa.

Richard Choi, co-CEO – Master’s degree in engineering from Cornell, researcher at SK Chemicals before co-founding Spoqa in 2011. Co-founder of Carry Protocol.

Swen Mun, Lead Developer – Full stack programmer with experience in database protection and encryption. Software developer at Spoqa for 5 years before becoming the CTO in 2017.

Jungwong Yu, Head of Business Development – Team manager at Cyworld and Daum Communications, senior manager at Naver Corp and Yahoo. Founder and CEO of Ensight Media and director at GS Shop before becoming head of business development at Carry Protocol.

Advisors for Carry Protocol include Simon Kim, CEO and partner of Hashed, Ryan Kim, chief acceleration officer and partner at Hashed, and David Park, product leader and management consultant for companies including Facebook, Nextdoor, and McKinsey & Co.


  • South Korea is the first market for Carry Protocol. Cryptocurrency is very popular in the country and Carry Protocol allows a way for the normal consumers to earn cryptocurrency for the first time, which helps bringing cryptocurrency mainstream.
  • Spoqa is a fast growing company with a 60% market share in South Korea according to the CEO. So this project is not some startup that is running out of funding and decides to pivot to blockchain to stay afloat.
  • The staking mechanism encourage merchants to hold onto CRE tokens, which has a positive impact to the price of CRE tokens.
  • The team understands the importance of user experience. The introduction of Carry Protocol to Spoqa does not change its business model, but rather improves it. There is no friction to users or merchants to adopt Carry Protocol.


  • In terms of blockchain development, the project is still at an early stage and there is no MVP/proof-of-concept released yet.
  • The roadmap is pretty vague, so we cannot gauge the level of planning the team has regarding achieving major milestones.


Our thoughts of the tokens for short term and long term are as follows:

For short-term holding: B

The hard cap is a bit on the high side for a dApp platform. Even though the idea, team, and business development progress are all above average, we have a neutral view on the short-term performance.

For long-term holding: A

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.

For more information about the ICO, please visit the following links:

* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.

This article is contributed by Victor Lai with the help of our intern John Coburn.

​Our rating system is based on 5 tiers: S/A/B/C/D, with S being the highest and D being the lowest rating.

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