Carry Protocol logo

Carry Protocol

ICO details

Token nameCarry Token
Token total supply10,000,000,000
Accepted currenciesETH
StatusAwaiting ICO
Funding GoalETH 25,000
Funding CapETH 47,000
Presale startsJun 24, 2018
Presale endsJun 25, 2018
Token nameCarry Token
Restricted CountriesCanada, China, United States
Telegram Members Count36,542


Carry is a protocol that powers the next generation of apps for offline retail. At its heart is an incentive mechanism that drives consumers to Carry m... Read more

Visit Website Read the whitepaper

Our Review of Carry Protocol


Carry Protocol is a token-based loyalty scheme and marketing platform that is already operating as a centralised platform. The protocol will allow for improved connection between merchants, consumers and advertisers, as well as reduced middleman fees, though blockchain isn’t needed, in fact its centralised solution is likely more convenient. The team has industry knowledge but their blockchain expertise is limited, however, this has no stopped the from raising 42,000 ETH during pre and private sales. Consumer loyalty management company Spoqa is behind the project and currently has over 10,000 in-store devices in South Korea and Japan.

  • Concept

    Concept Rating
    15 /30

    Carry Protocol is designed to removing middlemen services and connect merchants, consumers and advertisers directly. Once installed into merchant POS devices, the protocol would enable brandable loyalty tokens to be rewarded to customers signed up to the scheme, thus potentially improving footfall for the merchant. Customers can be further remunerated by selling their data to advertisers (tracked through the blockchain) and rewarded for consuming advertising on the platform. The project is partnered with, and closely linked, to Spoqa, a customer-facing tablet-based loyalty platform for SMB merchants. In operation for the past 7 years, Spoqa has attracted 15 million consumers and 10,000 merchants, and boasts partnerships with Facebook, Line and Kako, and its existing clients include the Hyatt and Marriott hotels, as well as Nike. The whitepaper states that, despite these connections, it will not give preferential treatment or operate solely for Spoqa, yet the management team’s conflict of interest may still be a concern for other companies interested in using the protocol. Carry Protocol’s loyalty points system could certainly be built without blockchain tech, however, the sale of personal data to advertisers is a legitimate use of the technology. The whitepaper mentions that the native CRE token will be subject to inflation, yet no fixed details of this are disclosed, which will likely be a concern for investors considering participating in the ICO. Testnet is due in Q4 2018, with Mainnet to follow in the first half of 2019.

  • Team

    Team Rating
    14 /25

    The team consists of 13 core members and almost all have helped lead Spoqa over the past seven years. The company is considered ‘Korea's fastest-growing customer loyalty startup’ and suggests the team has the relevant industry knowledge, and experience leading successful startups, for the task at hand. However, there does appear to be a lack of blockchain expertise within the team. The project’s six advisors include management personnel from Hashed, a leading crypto fund, the co-founder of, a blockchain based freelancing app, and others with experience at companies such as Facebook, McKinsey and Google. However, there is an absence of large merchants which might have helped increase early adoption.

  • Competition

    Competition Rating
    11 /20

    There are a number of crypto startups within the loyalty tokens space, including Rewards Token, Incent, Blockpoint and DigitalBits. Additionally, there is also the risk that established rewards companies will simply issue their own tokens. Lattesso, a Swiss coffee company, and Rakuten, a Japanese rival to Amazon with a reward program alued at $9 billion, have both announced they will move their loyalty programs onto the blockchain. The additional features that allows user to sell their data to advertisers and also be paid to watch advertisements is, potentially, a novel addition to this business model. However, it will compete with startups such as BAT, Merculet and Media Protocol – BAT, in particular, is proving to be an exciting project built upon a proprietary search platform, designed by the co-founder of Mozilla and Firefox. Spoqa’s achievements to date should assist with initial adoption but they will be up against strong competition.

  • Economics

    Economics Rating
    6 /15

    The initial supply of the CRE token is 10 billion, of which 40% will be sold during the ICO with a soft cap of 25,000 ETH and hard cap of 47,000 ETH, c. $12.4 million. 15% will go to the team and advisors, 25% will be held for future partners, 15% for platform growth and 5% in reserve. Merchants using the system will have the option to stake CRE or operating on a pay as you go basis, therefore, holding of tokens is not ensured. Additionally, it is somewhat concerning that the whitepaper states that CRE will be subject to inflation to ensure a steady supply of rewards for consumers, yet no further details on this are provided - this will be concerning for early investors.

  • Presence

    Presence Rating
    6 /10

    The white paper and website are both solid, providing the relevant details required for investors to make somewhat informed decisions. Social media numbers are also strong - while engagement on Facebook and Twitter is limited, the chat on Telegram is predominately focused on investor and TGE questions, which is encouraging.


  • Grant Sohn photo
    Grant Sohn
  • Richard Choi photo
    Richard Choi
  • Swen Mun photo
    Swen Mun
    Lead Developer
  • Hong Minhee photo
    Hong Minhee
  • Jungwon Yu photo
    Jungwon Yu
    Head of Business Development
  • Yujeong Nam photo
    Yujeong Nam
    UX Designer
  • Heeyeun Jeong photo
    Heeyeun Jeong
    Product designer
  • Jisun Park photo
    Jisun Park
    Product designer
  • Young Kang photo
    Young Kang
    Product designer
  • Minjune Kim photo
    Minjune Kim
  • JC Kim photo
    JC Kim
    JC Kim
  • Eddie Chang photo
    Eddie Chang
    Project Manager
  • Boyoung Chung photo
    Boyoung Chung
    Project Manager

Video - "Introducing Carry Protocol: A Blockchain For The Offline World"

Real Time Updates for Carry Protocol


  1. Q3 2018
    Release a SDK for device
  2. Q3 2018
    Release a prototype wallet
  3. Q3 2018
    Choose a base protocol (e.g. EOS)
  4. Q4 2018
    Apply SDK to existing service (e.g. dodo point)
  5. Q4 2018
    Release a referance point-of-sales
  6. Q4 2018
    release a wallet SDK
  7. Q4 2018
    Release a Carry smart contract on chosen base protocol
  8. Q1 2019
    Release a referance wallet
  9. Q3 2019
    Release ad targeting feature to wallet and network
  10. Q4 2019
    Release a production point-of-sales (by device provider)
  11. Q4 2019
    Release a production wallet (by wallet provider)
  12. Q4 2019
    Release a targeting SDK for advertising service provider

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Name Carry Protocol Aventus Props Project Thrive
Token Name Carry Token Aventus Token PROPS Token Thrive Token
ICO Start Date - Sep 6, 2017 - Mar 15, 2018
ICO End Date - Sep 12, 2017 - Apr 5, 2018
Funding Goal ETH 25,000 - - -
Funding Cap ETH 47,000 ETH 60,000 $ 25,000,000 € 25,000,000
Industry Business services, Commerce & Advertising Business services, Commerce & Advertising, Entertainment, Platform Business services, Media Commerce & Advertising, Business services
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