Carry is a platform that connects offline merchants and consumers, makes personal data fair for everyone and makes marketing clear and effective using blockchain. Offline commerce has three major issues. First, merchants have little understanding of their customers because customer data is fragmented and incomplete. Second, consumers have no control over their data while corporations use and monetize this information. Third, offline advertising is outdated, lacking in transparency and effectiveness. Carry Protocol aims to resolve 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, and 3) offer a new advertising channel that is effective and transparent.

Rating: 4.2

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Web-resources:   Whitepaper Website
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Details Description Risks Full analysis Team

Detailed review

Stage of product development
The cite and telegram channel was launched only in the beginning of April 2018. No alpha version of the product. Proposed roadmap tells that the development of basic components to launch Testnet would be ready by fourth quarter of 2018. The launch of Mainnet and basic API for 3rd Party participation available in the first half of 2019. In the second half of 2019 it is expected, that the system would be built up and ran in the market.

Token description
Pre-ICO date
ICO date
26.08.2018 - 09.09.2018
Token price
15% pre-sale bonus
Hard cap
Token distribution date
Consensus method
ICO currencies
Bounty camping
To be announced.
Token functions
CRE is the main token of Carry Protocol. It has 3 main functions: it is stake to execute Smart Contract, it could used to reward in exchange for advertisement and 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.
Tokens distribution
Supporters - TGE participants (40.0%)
Partner program (25.0%)
Market activation (15.0%)
Team (10.0%)
Reserve (5.0%)
Adviser (5.0%)

Serviceable addressable market is significantly less, than total offline retail market.


Product is not developed. No unique technology in product.


Significant investments is needed for implementing such model.


Hard cap is too high, project is overvalued.


Almost all team is former Spoqa workers, however, it is hard to prove, that all team is fully involved in Carry Protocol.

Full analysis

Project is connecting huge offline retail market with fast-growing online retail market. Overall commerce remains dominated by the $25 trillion offline market. According to a study by AT Kearney, 90% of all retail spending by American consumers took place in offline stores. Project is going to cover few key areas: data management, multicurrency payments (fiat and crypto), marketing campaign management, coupons management. Due to owing data of their clients huge corporations like Google and Facebook earn billions of dollars without any direct benefits for their clients. Carry Protocol is going to change it. As a result, project has enormous potential on this market. Second area is payments. Retail market in South Korea is $378 billion in 2017 according to Pwc research. E-commerce sales is more than 40 billions USD in 2017 according to statistica.com. As a result, even small share on the retail payments market is guaranty huge perspectives. Third part of the project is connected with marketing campaigns and coupon management. It is also multibillion market in South Korea alone. Nowadays it is hardly possible to measure the results of investments in marketing in most channels. Especially it is actual for small and medium enterprises. As a result, even within only South Korea the Carry Protocol has huge potential. Moreover, it is possible to new cryptocurrency-friendly markets, for example, Japan.


Carry is a platform that connects merchants and consumers using blockchain. 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. Currently, product is not developed. Proposed roadmap tells that the development of basic components to launch Testnet would be ready by fourth quarter of 2018. The launch of Mainnet and basic API for 3rd Party participation available in the first half of 2019. In the second half of 2019 it is expected, that the system would be built up and ran in the market. Carry Protocol would comprises of two major parts, each with two components: First part is the blockchain itself that houses 1) Carry transaction database, and 2) Carry smart contracts. Second part is a set of APIs that connect the blockchain to third party software, including 3) Carry wallet API and 4) Carry device API. 1) Carry transaction database refers to the virtual database on the blockchain where the transaction data is generated and uploaded by consumers. 2) Carry smart contract supports the issuance and use of tokens (CRE and BT) on the Carry Protocol. 3) Carry wallet API enables wallet apps to support Carry Protocol and lets consumers manage their cryptocurrency, control their transaction data & privacy settings. 4) 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. Each of the above will be explained in further detail In a nutshell, the product would completely cover all interactions between consumers and business, including all transactions and marketing campaigns. Moreover, all this products could be implemented in already existing solution from Spoqa – Dodo Points. Spoqa already has customer-facing tablets installed in 10,000 stores across Korea. As a result, it would significantly help the Carry Protocol to grow fast.

Business model

The Carry Protocol has two main types of tokens. Carry Token CRE and Branded tokens. CRE is the main token of Carry Protocol. Its various uses can be summarized as follows: 1) Stake to execute Smart Contract A fixed amount of CRE stake or a per-use fee is required to use Smart Contract to access various features of Carry Protocol. 2) Reward in exchange for advertisement 3) Means of payment. 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. Branded Tokens (BT) is a token on the blockchain that is generated and issued through Smart Contract by merchants or advertisers on the Carry Protocol. It is a key element connecting merchants (advertisers) and consumers. BT could have a monetary value or the good equivalent (i.e. cup of coffee). It could be given an expiration date so that it is only valid for 30 days. Also, several value-added service provider would be involved in the Carry Protocol. First is settlement service provider, who could organize fiat and cryptocurrencies exchange within the service. Second is wallet service provider. Such wallet would be used to store CRE and BT. Also, device provider is involved in Carry. And the last one is advertising service provider, who actually could be merchants, who use Carry. All-in-all, the model of the Carry Protocol is well-designed and balanced. It could really significantly improve interactions between consumers and merchants.


Detailed finance information would be announced later, however, even now it is possible to evaluate the financial potential of the project. Hard cap is set at 65000 ETH, that is on current ETH value is equal to $44 mln. In fact, project organize seed round of investment, and for current development stage it is too much. 10 billion tokens will be issued, detailed distribution is available further. Share of team is only 10% and share of advisors is 5%. There is no information about vesting. Even though, it is great signal for potential investors, that most part of funds would be spent on project development. The funds raised through TGE will be used to develop Carry Protocol and build its ecosystem. About 30% of the funds will be used on the core research and development (R&D), 25% to provide the necessary devices to merchants (payment hardware), 20% for overall business operation to operate Carry Protocol and help the business gain stability (operation & business development), 15% to promote awareness and actual usage of Carry Protocol in the real world (sales & marketing), and 10% will be reserved for other uses. Such distribution is great for current development stage of the product. All-in-all, proposed distribution of funds is great, however, hard cap is too high for current stage and market conditions.


The Carry Protocol has very strong and well-balanced team. Moreover, most of them has a common experience in Spoqa. The project has 2 co-CEO, both of them used to build Spoqa for more than 7 years. In fact, the Carry Protocol is logical consequences from previous project. It very organically could be implemented in Dodo Points – Spoqa’s solution for SME. More details about team. The first co-CEO of Carry Protocol is Grant Sohn. He has great experience in McKinsey & Co, Rocket Internet and Spoqa cofounder. He graduated from Stanford Economics. He has 10+ years of relevant experience. The second co-CEO is Richard Choi. He used to work in SK Chemical, and was original founder of Spoqa with 7+ years of relevant experience. He has graduated from Johns Hopkins University in Engineering and got Masters in Cornell University. The Lead Developer of the Carry Protocol is Swen Mun. He also used to work in Spoqa. He was CTO of Spoqa. Swen is full-stack programmer, experienced in database protection and encryption. Project managers of the Carry Protocol was former CEO and CSO of Decentier. Also, there are 3 experienced developers, who is also former Spoqa developers. 2 product designers, UX designer. As a result, project has great team than has common experience in Spoqa. On the one hand, it is great news, on the other hand, it is hard to understand which part of their work they dedicate to Spoqa, and how much they spent on Carry protocol.

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