Token Talk: Carry Protocol ICO Review - Offline Data Means 100x?
This project has been in pre-ICO and gathering attention since earlier this year, whilst I think they wanted to see how the overall market was going. But it seems like they have broken cover and opened their whitelist procedure now for a few weeks with a small quiz on top of it, just to make sure you feel it really is so hard to get into this one, it must be big.
The offering has come from an established South Korean marketing firm, Spoqa, who seemed to have carved out quite a successful and profitable niche in connecting online marketing with offline presences or bricks and mortar shops, gaining a nice list of corporate customers including Nike, Hyatt and Marriott with marketing partnerships with Facebook, Kakao and Line. By appearances, Spoqa becomes the Carry Protocol, moving the main staff into the team to run it.
The overall simplified concept is to join up data sources so corporates and retailers can talk more directly to customers and customers can have a bigger say on access to their data and the adverts/promos sent to them. Mr X goes to buy a coffee, Coffee Seller Z decides to give him a gift worth 1/10 of the coffee, in the form of the CRE (carry) token which goes into the CRE wallet on the customer’s phone. This token can be branded as the CoffeeZ token if the retailer desires and apart from that, a whole new line of interactions become available - he can time it out in a month, give further credit for referrals etc.
It does seem to have a lot of thought put into it from an experienced team and the whole marketing concept and workings are very well laid out in the whitepaper and the videos. To build the scheme, it links up with point of sale machines in the retailer’s offline shops and Spoqa has 10,000 of these tables in shops already that could be adapted to the system. So despite not having a real MVP, in many ways they seem to have something near immediate traction if things go well.
For this project, I will not go through the names of the team. Basically it is Spoqa who has proven itself then some new names to extend a bit. Advisors included the main VC partner, Hashed, which has a strong name and that bodes well.
Take note here, apart from the advisors, they do not have blockchain experience on the team and even though they say they will build their own blockchain, there is no technical description of the solution they are aiming for. My and my interpretation only, is that there is no intention of running a blockchain and they will run a tokenized offering in the end on another established network. It’s only logical, and I think the blurring of true intent is to justify a hard cap of $18 million and also to try and attract investors who favour blockchain providers as an investment class.
Token economics are well laid out and seem fair enough, presale main bonus was 15%, some lock up, with 40% of tokens going out on the main sale.
The overall assessment of the business proposal, the team, the possibility to implement and be successful, very high in my option. The positives jump out at you from the above; the interest it is getting and its backers.
Concerns: large airdrop program before, gives them a large presence in social media channels but for me is a negative as it hides the ability to judge real interest.
Hard cap, if it is a DApp in all true senses, which I believe it is, $18 million in this climate is just discouraging as an investor.
For viral growth, they need to have tablets in shops. They have a great start but once they need to build out further, it takes solid effort and doesn’t have the chance to go viral without legwork.
Slow roadmap, they don’t get to push their product until next year. It seems all the money spent so far is concentrated on marketing and fundraising instead of building something tangible pre-launch.
Short term assessment in this market now, neutral.
Long term assessment and by long term for this I mean starting from 3 years, bullish.It is a good concept with a good, experienced team in a very prospective market and the token will form an integral part of the scheme.
Honourable mentions this week go to
DX Chain - reviewed a few weeks back, went to crowdsale this last week with tiered layers, lotteries and all the bullshit that goes with trying to create unmet demand. And then on the final day of the crowdsale when they opened the sale to all whitelisted participants, at the same time early round investors started dumping the same tokens on the Bilaxy exchange at less than the ICO sale price because DxChain hadn’t locked the tokens down. Schoolboy error or dirty dealing with early investors, either way, bad form all round.