Carry Protocol AMA Recap

Carry Protocol AMA Recap

CryptoDiffer team

We are glad to meet here:

Richard Choi (@Richard_Choi) , Co-CEO at Carry Protocol

Richard Choi
Co-CEO

Thank you guys for having me here today!

CryptoDiffer team

Let’s CryptoDiffer x Carry Protocol AMA get started

Let`s begin the ama with the first question from Twitter:

Q1: What is your exact vision of the project?

by https://twitter.com/BiThyan2

 

Richard Choi
Co-CEO

Facebook recently was slapped with 5 billion US dollar fine for user data problems. FIVE BILLION DOLLARS. When was the last time you felt safe that your phone carriers, service platform companies act in your best interest? Can you really trust big companies with ALL of your data? 

It is time that USERS take full control of how their data is used, managed, collected and most importantly, monetized. You choose which set of data you want to share, and monetize. When your data is used for ads, instead of another company making all the dollars, YOU take in ad revenues.

We can achieve this with blockchain because we can decentralize the ads industry. Users receive CRE tokens whenever they share their offline purchase data. Over time, these shared data sets can be used to create a profile of you that can be used by advertisers to send you ads directly (via Carry network) without having to pay media companies. The ad revenue that media companies would have eaten goes to YOU. So users receive more CRE whenever ads are sent.

 

CryptoDiffer team

Q2: According to you how much time will it take for Carry to get into mainstream adoption and execute all the plans set for this project?

By https://twitter.com/Happyne83517647

Richard Choi
Co-CEO

Our goal is to test our service app by the end of the year, and to engage in user-acquisition activities and marketing campaigns starting early next year. Our app will be integrated with partner merchants of Spoqa (10,000+ stores in Korea!). We will also leverage Spoqa’s 20 million user pool to convert them into Carry app users. 

For Carry to be mainstream, realistically speaking we think will take at least a couple of years. We will drive initial user acquisition marketing campaigns hard the first half of next year, and we expect we will have to tweak bits and pieces of the product until we reach good steady state of user engagement, retention and most importantly token economics. 

Once we have users engaging with the Carry ecosystem, the data they upload need to make a lot of sense and prove to be very useful for companies and advertisers alike. For data to have any meaning, one of the most important things is the size of data. We expect 6-month rolling purchase data of a few million offline consumers to be a good size for testing. This, we estimate, will happen in the second half of 2020. Once sufficient data set is collected, we will expect a lot of hand-holding and even subsidizing of initial stages of advertiser trials. We consider “Carry” to have gone mainstream once we have advertisers agreeing on the utility of Carry network data. The goal for this is end of next year.

 

Cryptodiffer Community

Q3: Is CRE planning to create its own Blockchain based on Klaytn?  If so, why choose Klaytn?

By: https://twitter.com/Crab04625704

 

Richard Choi
Co-CEO

There are so many great base protocol projects out there that are tackling the TPS and gas fee problems. Also, the privacy challenge is technically hard to overcome also. We also have partnership with one of Korea’s hottest base protocol project called Klaytn. They are doing a superb job creating an enterprise-level blockchain for service providers like us.

In our October newsletter, we stated that we will initially centralize our build because we want to wait until we see these base protocol projects are commercially viable. Once we launch our service, we will plug into tens of millions of real users, and to make a seamless service without inconveniences, we need to have absolute confidence that commercial viability is proven. 

We don’t want to just wait around until a base protocol project successfully achieves this status. We will first build the service that users will love (Share data, and be compensated. View ads, also be compensated). Once we have user acquisition and see organic growth of retention and user engagement, we will migrate to blockchain one component at a time.

Link to our October newsletter: https://bit.ly/36u0jdI

 

Cryptodiffer Community

Good, let`s move to Q4:

What effect does CRE token have on the Carry ecosystem?  Holding CRE, what benefits will users get?

By: https://twitter.com/Dngth41995281

Richard Choi
Co-CEO

We aim to create an ecosystem where all consumers, stores, and advertisers can benefit. 

When a consumer purchases an item or a service with either CRE, cash, or credit card, the purchase data, including the location of store and purchased item or service, will be sent to the consumer’s application. 

Later, the customer can share the purchase data and get rewarded with CRE: Consumers can choose to share and provide their purchase data on the application. The purchase data collected from consumers are used for advertisement. 

Advertisers are able to select the ad targets and implement advertisements through analyzing the purchase data. Advertisers deposit CRE, and execute advertisement based on the offline purchase data on Carry Protocol blockchain. Unlike existing ads targeted by general factors such as gender, age, and location, Carry’s advertisement can target with more accurate and detailed consumer information, such as the exact purchased item or service, purchase frequency, location. If a consumer chose to view ads, CRE will be provided as a reward for agreeing and viewing the ads. It is all up to the consumers themselves to share their own purchase data, and to monetize the data by viewing ads.

Carry’s ecosystem is made possible because consumers monetize their data directly. Traditionally before Carry, media or platform companies monetize user’s data. 80% to 90% of all ad spend goes to media or platform companies. Carry ecosystem disintermediates these companies and all the ad spend goes directly to the users themselves.

Cryptodiffer Community

Q5:

“Data management and consumer app,can  CARRY be ABLE TO BUILD ON BOTH INSTEAD OF DOING ONLY CONSUMER APP

Please explain more about the UTILITY OF CRE,the real life use case and application 

What’s being done to make sure people use CARRY CRE, “

By:  https://twitter.com/ejioforkel

Richard Choi
Co-CEO

The Carry token (CRE) is an ERC-20 token designed to incentivize consumers to share purchase data and receive ads. 

Consumers

– Whenever consumers purchase goods or services in physical stores, they can share anonymized data and receive CRE tokens. 

– Consumers also receive CRE tokens whenever they receive ads from advertisers who now have access to offline purchase habits of consumers. 

– CRE tokens can be used to pay for goods and services in the real world.

Advertisers

– Advertisers can learn more about their potential targets by accessing offline purchase data that consumers shared. To do this, advertisers need to buy and stake CRE to gain access to data on the Carry network

– Advertisers can send ads directly to consumers without going through media or platform companies. To do this, advertisers need to pair ad content (in another form of token) with CRE rewards that consumers will get when they view the ad.

Cryptodiffer Community

Awesome:! Q6:

Can you tell us something about your Vision and target that Carry Protocol is focusing most until end of this year? 

By: https://twitter.com/IEO_Alert

Richard Choi
Co-CEO

In the last few months, Team Carry had deep discussions on how to best achieve Carry’s mission now that the blockchain landscape is vastly different from what we expected when we launched our project. After countless hours of intense discussion, we decided to change our high-level strategy in product design and development to best suit the current blockchain landscape. 

we recently announced in our October newsletter that we are focusing on building a “service” for mass consumers as opposed to “data control and monetization tool” (that we planned originally). This is to collect data from wider audience in general to build a larger database for advertisers to access (of course, with user’s consent). The overall mission of Carry still stays the same, we are changing the way we are executing it.

Although we can’t reveal the very nature of the app we are working on to test by the end of the year, it’s much more consumer-focused and will appeal to much wider audience than the previous version of Carry as outlined in our white paper. The goal is to test it by the end of the year and start doing serious user acquisition activities and deployment starting next year.

For others who are interested in learning more about our change in focus, please read our Medium page for more details:

https://medium.com/carryprotocol/carry-protocol-project-update-report-october-3ab51c297fcc

Cryptodiffer Community

Q7:

Community, influence, product are the criteria to evaluate a project and decide the opportunity to Binance this time, so with CARRY, what are the outstanding advantages to overcome ARPA in this confrontation?

By: https://twitter.com/Maitanhoang1

Richard Choi
Co-CEO

Binance Community Vote is happening Nov 5th and CARRY is running against ARPA! 

We need all of your help to win the BNB vote! Here are some reasons why you might want to consider us over the other proejct.

Reason 1: Look at the 24 hr trade volume for CRE and ARPA. We are traded more, and we have wider token holder base. People trade CRE and want CRE more. Let the numbers do the talking.

Reason 2: We aren’t starting from scratch. The hardest thing about any business is NOT building a product. What is often the hardest is GETTING PEOPLE TO USE THE PRODUCT. We have track record in building great products that people love. Spoqa, a company I also co-founded and operate, has a service used by 20 million users in Korea and Japan.

Reason 3: Because if we win, your airdrop tokens are worth more =) j/k. Pick a project that you think will have real chances of making the difference. I am confident Carry can do this better than anyone.

Vote for us and take part in contributing to the first project to bring blockchain to the real world!

 

Cryptodiffer Community

Q8:

Is the data stored completely public?  Do you have a mechanism to protect your personal information?  Please introduce us to these concepts.

By: https://twitter.com/NishuDev3

Richard Choi
Co-CEO

Our early version of the ecosystem will be built in our servers (centralized). The decision and logic behind is explained in our product roadmap update in our October newsletter (link below). So, the data will be stored in our servers initially. But down the line, we will slowly migrate it such that anonymized data set can be accessed in the public chain.

When users decide to share their purchase data on Carry, their personally identifiable information such as name, age, email/phone numbers and etc. will not be shared on Carry. It means “user 2asdjk29fsdajh” has offline purchase data profile, but nobody (even Carry) will know who this user is. Also, Carry users can re-set their profile similar to how you set cookies in your browser. This way, even when the government or state ask Carry to share certain data, there’s no way to share this because even Carry doesn’t know.

October newsletter 

https://bit.ly/36u0jdI

Cryptodiffer Community

Q9:

I have read Carry’s Whitepaper but I haven’t found any roadmap information.  Can you reveal some information about Carry’s plans for 2020?

By: https://twitter.com/XunT65548316

Richard Choi
Co-CEO

We recently announced in our October newsletter that we are focusing on building a “service” for mass consumers as opposed to “data control and monetization tool” (that we planned originally). This is to collect data from wider audience in general to build a larger database for advertisers to access (of course, with user’s consent). The overall mission of Carry still stays the same, we are changing the way we are executing it.

Although we can’t reveal the very nature of the app we are working on to test by the end of the year, it’s much more consumer-focused and will appeal to much wider audience than the previous version of Carry as outlined in our white paper. The goal is to test it by the end of the year and start doing serious user acquisition activities and deployment starting next year.

For others who are interested in learning more about our change in focus, please read our Medium page for more details:

https://medium.com/carryprotocol/carry-protocol-project-update-report-october-3ab51c297fcc

 

Cryptodiffer Community

Q10:

Can you tell me why investors should invest long-term in Carryprotocol project?What role does the CRE token have in the Carry ecosystem?

By:  https://twitter.com/NguyenKhang1610

Richard Choi
Co-CEO

As Carry gets more users and the ecosystem gets more activated, more and more offline purchase data will be shared on the Carry network. This means purchase data that was lost before becomes consolidated for companies and advertisers to access to learn more about their potential customers. You’ve heard people say that data is the new “oil” or is “digital gold” – this is because data provides very useful insight and companies and advertisers alike can use data to acquire and retain customers by sending targeted ads and tailoring individualized experience for consumers. 

Advertisers that want access to data on the Carry network will need to buy and stake a lot of CRE tokens. Over time, as more and more data is shared on the Carry network, more and more CRE tokens will be taken out of circulation supply for staking. This means the demand of CRE tokens will rise while the supply shrinks. And you know what happens next to the price of tokens =)

 

Cryptodiffer Community

First Question: Many blockchain projects and companies focus on making very complex systems and say they will revolutionize the banking system and help the unbanked. Since you work in the business area, how realistic do you think such statements are?

Richard Choi
Co-CEO

It’s not about the technology but all about execution and getting the existing players to onboard your system/platform. This is especially more so if the market in question already has properly functioning banking systems that are well regulated.

If the market is at its growth/emerging stage, then being bold and disruptive could work. But again, making the product is only half the picture. Oftentimes, getting real users to use and consistently engage on your platform is often the hardest.

So if a project claims they can “change the world”, take a look at the team’s track record to see whether they had tremendous success in the past. IF not, they are just dreaming =)

 

Cryptodiffer Community

1.Are there any competitors for CARRY , and what are CARRY’s advantages?

2.What kind of ideas/initiatives do you have in mind that can be consolidated in the future and give a positive boost to this project?

Richard Choi
Co-CEO

There are a few data-driven projects that are tackling the similar problems we face, but none that focuses on data specifically for the data market.

There are also several blockchain projects that are aiming at tokenizing loyalty points in franchises and stores, but none that focuses on the data side.

We are the only one in the market that aims to give the power of control of data and its monetization in the offline market.

What is usually harder than developing a cool product is user acquisition and retention. Deployment and execution is EXTREMELY IMPORTANT in making projects successful.

We will laser-focus on offline purchase data.

Our team has strong background in offline service building and deployment. My team’s been doing it for the last 8 years. We also have track record in building Korea’s largest loyalty system for merchants and users. We have 10,000 merchants and 20 million users. We already demonstrated key competency required to make Carry successful. We aren’t starting from 0. That is our key differentiating factor.

Cryptodiffer Community

You’re currently using Spoqa as nice base for development. But lets think globally.) Not every offline merchant is ready for blockchain. I bet 99% of them are feeling pretty comfortable dealing with prepaid CRMs and other centralized solutions. How do you plan to counteract the inertia in adoption among established retailers due reluctance for transition from their own legacy loyalty systems to Carry protocol? Is there any significant financial incentive for them which will let you to expand the adoption of your product?

Richard Choi
Co-CEO

Great question. We don’t expect every merchant to jump on Carry just yet as understandably, they don’t want to adopt tech that isn’t proven. That is still the case in Korea also.

We solved this problem in Korea by giving merchants several options when they change their loyalty system. They aren’t being locked into a worse system that is inconvenient and something they can’t control. We teach them that the new system is more reliable, convenient, and has more functions than existing loyalty cards. (such as being able to send coupons easily).

We don’t expect Carry to expand to the world on our own. That’s why we dedicated 25% of our total token supply to onboard strong players that have already established their ground in the offline market. Participate as a partner and contribute early to the Carry network, and get more tokens and see the upside together.

Cryptodiffer Community

Q1: Your token ticket symbol is CRE so what does the E in your token mean?Any special reason about that? Your project name doesn’t have any E letter!

Q2: Which stores can CRE be used at now? And how do you integrate the CRE payment method for all stores in the world in future?

Q3: Is CRE adapted to international legislation on the collection and processing of personal data?

Richard Choi
Co-CEO

Q1: That’s a fun question. We originally were thinking of calling it KRE, so if you pronounce each alphabet quickly it reads almost like “Carry”. We decided at the end to change the first letter so that it is CRE as opposed to KRE. CRE resembles Carry more =)

Cryptodiffer Community

How you guys feel, when you think about that day when you have started this Project?

Can you name your partners or Investers who have invested in Carry Protocol & How you managed to Convince them to Invest in Carry Protocol?

What will you do to protect the Investors money?

Richard Choi
Co-CEO

We have some of the biggest and most well-known crypto investors and VCs as our biggest backers. To include a few names:

Hashed, Signum, Kenetic, Passport, Fortress, Draper Dragon, Node Capital, LD, Arrington XRP, Ticker, etc etc. 

They believed our team. They saw our track record and saw the success we had in the Korean offline market. They know we can develop products that millions of people use, and they believed in our ability to execute and operate a business. Also the product made a lot of sense and our mission resonated with them.

Cryptodiffer Community

Q.1  What’s real-world use of carry protocol? Where can we expect the use of carry services? For which types of problems relief is expected from carry ecosystem?

Q.2 As an investor, why I should invest in CRE token? Which types of more exciting updates, partnerships you’ve planned for cre holders?

Richard Choi
Co-CEO

Current offline advertising methods in the offline market is extremely limited. Sure, the merchants use Instagrams and Facebook #hashtags to be noticed by mobile users, but merchant’s can’t track how many people saw it and actually visit the store. They don’t know how much money they made from paid ads on Google or Facebook. Merchants STILL use leaflets and physical coupons and hand them out in the street because they still think it is the most effective!

Imagine you are starting a coffee shop next month. With Carry, you can stake CRE tokens to find out how many people around your store (within 3km, for example) spend money on coffee on weekdays and weekends. You can even see what time of the day they buy. You can target these users and send ads or coupon promoting your new coffee shop along with CRE tokens as rewards. 

This way, you will know how many people you sent the ads to, you know how much money you spent to reach these people, and later on, when they visit your store and use the coupon in the ad, you can count and find out how much this Carry ad campaign made you in revenue. Everything is trackable and it is transparent. You don’t pay a media or platform company to put your ads up. Merchants can send ads straight to people. 

Consumers on the other hand, receive Carry tokens whenever you get ads!

Cryptodiffer Community

What is the relationship between Spoqa and Carry?

Richard Choi
Co-CEO

I started Spoqa 8 years ago because I drink a lot of coffee and I didn’t like carrying around punch cards or mileage cards. I wanted to make loyalty very easy for merchants as well as consumers. Now, the company I started provides Korea’s largest loyalty service to 10,000 merchants and 20 million users. That is more than 1 in 3 Koreans using the service. I still operate Spoqa today.

I started Carry because I realized there was another HUGE problem in the offline world. Valuable data wasn’t being collected in the offline world. I thought, my existing company Spoqa can prove to be HUGELY helpful when Carry starts, so Carry and Spoqa are first strategic partners. 

To summarize, Spoqa is the first partner company to join Carry’s ECA (Enterprise Carry Alliance). Carry can use Spoqa’s 10,000 merchant base and 20 million user base to accelerate deployment of Carry services in the real world.

Cryptodiffer Community

1. In your white paper, specify in  the carry protocol payment section, is explained how the users can interact with the platform, but is mentioned : “ merchants MUST be equipped with an interactive device like a tablet to use carry protocol”. So my question is: Why is this absolutely necessary?  Maybe in the future carry protocol, will work with any internet device? 

2. How your staking model works? And how encourage you user to do staking? 

3. In your whitepaper you show your funds distributions and 10% is destined to “others”, can you tell how and where can you use those funds? Maybe this ama? 

4.  In many websites says you ideal market is South Korea, because the adoption will be faster in a community with knowledge about cryptocurrency, but I am sure you will move more around the globe, so can you tell me which tentative markets you will aim for?

Richard Choi
Co-CEO

I will address your 2nd and 4th question.

Answer to Q2: 

We don’t expect users to stake CRE tokens. Instead, we expect advertisers and companies alike to stake CRE tokens to get access to Carry data that consumers shared. 

Answer to Q4:

Korea has one of the highest offline store to population ratio. Also, Koreans understand cryptocurrency and blockchain more than anywhere in the world. You can tell this from the trade volume of crypto assets coming from Korea. Also, technology penetration is very high here. So it makes Korea an ideal test bed for Carry.

After we prove our product market fit in Korea, we intend to expand to other parts of Asia, EU, India and possibly other markets that embrace blockchain and/or where they share the offline data problem.

Richard Choi
Co-CEO

That is all the questions I could answer today guys

Cryptodiffer TEAM

Guys! thanks for your answers!

Community thanks for questions! It was really interesting

Thank you for taking your time!

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