Carry Protocol- Next generation for offline retail (Review by Trinh Van Hieu)

Carry Protocol- Next generation for offline retail (Review by Trinh Van Hieu)


Carry is a platform that connects offline merchants and consumers using blockchain. CRE (pronounced "carry") is the main token in the Carry Protocol. Consumers can use it as currency to pay merchants within the Carry ecosystem.


Carry Protocol Review

The Carry Protocol plans to be a reward cryptocurrency aiming to give consumer data back to their users. You will be able to contribute your consumer data to public blockchain(s). The parent company is the largest brick-and-mortar rewards platform in Korea, with installations in 10,000 stores and millions of users. The project plans to launch in a seemless way onto the tablets so there is no hiccup in service and implementation.
Specifically, the project is itself not a blockchain, but an infrastructure project for blockchain.
Offline consumer market is approximately 10x larger than online consumer markets currently and this is the market Carry Protocol is targeting. Keep in mind also, that their 3rd party API may allow for online implementation in online stores, as well.
One of the main incentives will be the ability for merchants to market directly to individual consumers. But consumers will be able to turn the ability to be marketed to, on and off and can get paid in crypto for being advertised to.

Project Highlights

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.

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

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.

  • Investors including Hashed, Kenetic Capital, Signum Capital, XSQ, Draperdragon, Ledgercap, Arringtonxrpcapital, Lemniscap,, Linkvc.
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Full name: Trinh Van Hieu
Telegram: MishaHieu

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