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104. Carry (Published: 15Jun, 2018)

The Carry Protocol aims to evolve the offline commerce market by linking merchants and consumers using blockchain technology.The team aspires to resolve the many problems of the offline domain such as incomplete customer data or information on consumer purchase.This protocol provides a platform for merchants to understand and communicate with their customers,enables consumers to monitor their own payment data, and offers an effective and transparent advertising channel.Carry Protocol comprises of two major features, each with two components.The first is the blockchain that holds the transaction database and smart contracts, and second is a set of APIs that connect the blockchain to the party software, including the carry wallet and device API.

Carry Protocol was founded by the co-founders of Spoqa, and is backed by investors such as Kenetic Capital and Signum Capital.Grant Sohn, co-CEO, is a former business analyst at McKinsey and Co, and the previous managing director of Asia for Wimdu GmbH.Richard Choi, co-CEO was a researcher at SK Chemicals before co-founding Spoqa in 2011. The team also has Swen Mun as the Lead Developer, who was a software developer at Spoqa for 5 years before becoming the CTO in 2017.

Key Features
CRE is the main token of Carry Protocol. There are two ways in which merchants and advertisers can use the smart contracts. They can either stake a fixed amount of CRE on Carry Protocol or pay-per-use fee in CRE for each smart contract.In the first case, if a certain predefined limit is exceeded, additional transaction cost will be incurred by the merchant.

CRE must be provided to the consumer, advertising service provider, or wallet (app) service provider as a reward to post 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.

BT(Branded Tokens) is a token on the blockchain,generated and issued through Smart Contract by merchants or advertisers on the Carry Protocol, and is essential in connecting merchants/advertisers and consumers. BT can be defined in a variety of ways by configuring its properties. For example, 1BT could stand for $1 or be considered equivalent to a cup of coffee. It could be given an expiration date or have an interest rate. To address the needs of operational security, Carry Team will define the initial BT properties and protocol users will not be able to generate or modify these terms.

The Carry Wallet will be the main feature for the consumer, where they will be able to scan and store QR codes, make payments, and share their data with advertisers for compensation in the form of CRE(Carry token) and BT tokens 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 the devices to interact with the wallet, as well as send transfer data and BT.

The backend is formed by the Carry Protocol blockchain, on which transaction data is stored, and will be used when a customer makes a purchase, keeping a record of their transactions. This data will be accessible only by the customers in their respective wallets.The team is also developing smart contracts for handling any automatic payouts/token transactions. This will also be used for minting BT for specific stores to use as loyalty points.

Future Developments
Based on the current timeline, we can expect the completion of the TGE by the third quarter of 2018 and the development of basic components of the Testnet by fourth quarter of 2018. The company’s 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.

Risk and Opportunity
South Korea is the first market for Carry Protocol where cryptocurrency is very popular.Carry Protocol thus allows a way for the normal consumers to earn cryptocurrency for the first time,helping to make cryptocurrency more mainstream.Spoqa,a fast growing company in South Korea, provides credible backing to this project.Moreover,the staking mechanism encourages merchants to hold onto CRE tokens, which has a positive impact to the price of these tokens.There do exist some significant limitations to this venture.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 estimate the extent of planning the team has regarding achieving major milestones.

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