The Problem Carry Protocol Seeks To Sovle
Carry Protocol wants to evolve the offline commerce market by providing a link between consumers and merchants with the help of the blockchain. The team behind this project wants to resolve the many issues that those in the offline domain face. For instance, they want to solve the issue of incomplete customer data or data on customer purchases.
The Carry Protocol Solution
This protocol will offer a platform for merchants to understand and communicate with customers. As a result, it will enable consumers to monitor payment data and offer an effective and transparent channel for ads. The Carry Protocol will comprise two important features, each of which has two components.
The first is a blockchain, which holds the transaction data and smart contract and the second is a set of APIs that connect the blockchain to party software. This will include the carry wallet and the device API.
How Carry Protocol Connecting Merchants To Consumers Works
The Carry Protocol is powered by the CRE token. Merchants and advertisers can utilize the smart contracts via two ways. First, they stake a fixed amount of the CRE on the Carry Protocol. Besides that, they can opt for a pay per use fee in CRE for every smart contract. In the first use case, if the limit is exceeded, the merchants will incur a cost.
CRE has to be offered to consumers, advertisers, or wallet service provider as a reward for posting ads on the Carry Protocol. CRE is a means of payment and is an asset tradable at exchanges. Thus, it may be used in stores, just like other cryptos.
The BT or Branded Token is a token that is issued via smart contracts by advertisers or merchants on Carry Protocol. It is essential in connecting advertisers, merchants, and consumers. The BT can be defined in various ways by configuring the token’s properties.
For instance, 1 BT can be equal to $1 or a cup of coffee. BT tokens can also be given an expiry date or have interest rates. To address the need for operational security, the team will define the initial properties of the BT tokens. The users will not be able to modify these terms.
The Carry wallet will be the main feature for consumers. It is where consumers will be able to scan and store the QR codes, share data, and make payments. Once a consumer shares their data, they will be compensated in CRE tokens and BT tokens that they get from specific advertisers. The Carry Protocol blockchain is where the data will be stored. It will be used when customers make a purchase, to keep records of the transactions.
Who Is Behind Carry Protocol?
Carry Protocol was created by the co-founders of SPoqa. Investors like Signum Capital and Kenetic Capital back it. The co-CEO Grant Sohn is a former business analyst who worked at McKinsey and Co. Richard Choi, the co-CEO has worked as a researcher at SK Chemicals before he cofounded Spoqa in 2011. The lead developer is Swen Mun, was a software developer at Spoqa for five years.