Carry Protocol Review

Carry Protocol Review

Project resume

Positive sides

Negative sides

Strong team with successful SPOQA project

Project is on early stage of development, so it has neither MVP nor testnet

Project has good hype rating: it has 30K Telegram followers and its pre-sale was finished in one day

Project marketing plan and finance model is unclear

Project has unique orientation on offline merchants

Project will have 30% of tokens generated distributed free for team, advisors and community support (and 40% of tokens sold on market) without any information of freezing tokens, so there is a risk of token price fall after ICO


How to participate

Sign up on Carry Protocol ICO website and perform a KYC procedure after sign-up.

Finished ICO’s of equivalent projects

There were no fully equivalent projects on ICO market.


Carry Protocol will be a blockchain product designed especially for offline merchants and their customers. The purpose of Carry Protocol will be recording all the customers’ transactions in blockchain for analyzing these big data and preparing reports and recommendations for merchants; storing discount coupons and supporting loyalty programs for customers.

According to the position of Carry Protocol founders, this project can solve these existing issues of merchant-consumer relations:

  • Lack of consumers’ ownership or control over their data.
  • Coupon and point management is very sophisticated now.
  • No one of marketing campaigns’ participants have full information about it; that makes marketing campaigns inefficient.

Carry Protocol platform will use two types of tokens: Carry Token as a universal payment method into the system, and each merchant’s branded tokens as a tool of its own loyalty program. Also, Carry Protocol will support both fiat currency and cryptocurrency transactions.


Token generation event (TGE) will be performed in 3d quarter 2018; testnet will be launched, according to the roadmap, in Q4 2018. Mainnet launch was planned in the first half of 2019.

Roadmap presented in WP has no details of product development plans and its time.

Carry Protocol

Business Plan

WP contains no financial model or other business plan details – only information about planned token distribution and usage of funds received during pre-sale and ICO.

Business Plan

Founders are planning to generate 10 billions tokens. 40% of the tokens will be sold during TGE, 15% will be sent to team and advisors (without information of any blocking period) and 15% will be used for market activation (airdrop, bounties etc. without any details).

Founders are planning to raise from 25K ETH to 47K ETH, and the funds distribution presented below.

Business Plan

Marketing Strategy

WP and other documents contain no marketing strategy details despite of partnership with Spoqa – successful South Korean start-up which is working on mobile marketing market from 2011 year (according to Crunchbase record) and with 2012 year of incorporation.

Also, Telegram channel has 36K subscribers at this moment. Pre-sale was completed during one day.

Understanding the Target Audience

Target audience of the project is all the offline merchants and their customers’ community. Unfortunately, there was no detailed analysis of it, but the project team has a successful experience on marketing solutions’ market.

Competitive Advantage

Project has an orientation especially on offline merchants market, which makes its advantage over many marketing blockchain projects which have online marketing as a field of activity.


Project team formed from Spoqa team members and enforced with blockchain startupers. So, this team looks strong and able to make the project successful.

Project Verification

Spoqa Inc will be a project management company and, according to the WP, the first partner of the project. This company has 2012 year of incorporation and successful story of business activity.


Project members and advisors gave no answers on LinkedIn verification messages.

Additional Commentaries

Let’s see on this product through the prism of formalized rating







0 – unknown team

1 – known team without successful ICOs

2 – famous team with successful projects portfolio

3 – famous team with successful ICOs



The core team consists from Spoqa founders and developers


1 – social networks

2 – game development

3 – mobile applications development

4 – fintech (including new altcoins development

5 – new blockchain applications



The offline merchants market makes this project unique

Stage of Development

0 – idea only

1 – idea + examples

2 - MVP

3 – alfa version

4 – upgrade of existing entity



Project is on early stage of development

Social Network activities

1 for each social network


4 +30

4 for Telegram, FB, Twitter, Facebook

30 for 30K Telegram channel followers


Total Benchmark: 10.4

Maximum Benchmark: 16,3  

Total Benchmark is higher than 2/3 of Maximum Benchmark, so our position is positive.


Project has a strong team with the successful project very close to Carry Protocol, really unique idea with good perspectives on market – in few words, it is only blockchain implementation to SPOQA idea. But it will have 35% of freely distributed tokens and 40% tokens to sell – so there is a risk of market fall after ICO. Our rating is neutral in short-term perspective and positive in long-term perspective.