Carry Protocol, Someday it will rise...Just HODL?
One of the characteristics of the cryptocurrency market is that favorable news doesn’t necessarily lead to a price increase. When stripping down some of the news to its essence, all that they are is a ceremonial event where representatives take pictures while shaking hands for a memorandum of understanding signing. Investors today are smart. They only make their move when prices go up right before a project is announced publicly: buy on rumor and sell on news. Rumor has it that a local blockchain project Carry Protocol is expected to make its own news. It is said a major conglomerate other than Samsung whose name starts with “S” is said to be joining in the project as a partner. All that we could hope for is that this is more than just another handshake. What kind of project is Carry Protocol? So if the rumors turn out to be true and a partnership is formed, what kind of joint collaboration could one expect? Spoqa, an offline reward platform, is not only the partner of Carry Protocol but also a founding entity. While it claims to be partner, it may be the only partner. Spoqa runs Dodopoint, a service where customers accumulate points on iPads every time they purchase a coffee at coffee shops. If this service forms a partnership with a major food distribution conglomerate, a massive token distribution network will be formed. Born with a silver spoon Carry Protocol, simply put, is like a reverse ICO for Spoqa. Reverse ICOs are more credible than projects that start from scratch. It’s like Ontology inheriting a sliver spoon from Neo. Dodopoint already has 16.5 million offline customers secured from 10,000 stores across the country. It has been said 130,000 Dodopints are accumulated each day by coffee drinkers. Carry Protocol even before launching already has a major partner. Use of Carry token It’s an all-in-one platform that can be used for payment, receiving coupons or getting rewards. Carry Protocol plans to implement the platform at the 10,000 stores that use Dodopoint services. The customers accumulating Dodopoints will be given brand tokens (BT) issued through the Carry Protocol blockchain. BTs are like blockchain-based coupons issued from the stores. In other words, under the Carry Protocol ecosystem, both Carry Protocol’s own token CREs and BTs exist. So how can one get CREs? Customers can get CREs when they provide proof of payment for coffee on Carry Protocol’s blockchain. The customers can also get the tokens by watching advertisements. Carry sends out advertisements using payment data sent by the customers. In return for watching the advertisements, CREs are given. Carry Protocol plans to provide a service where both CREs and BTs could be used for purchasing goods at stores. Reliable partners One of the best connections local blockchain projects can boast about is a partnership with Kakao. Carry will be joining Klaytn, Kakao’s blockchain main net. Kakao plans to launch Klaytn by the end of this month. Carry has also signed alliances with other companies, including SK Planet, which runs a cryptocurrency wallet Bitberry and PetDoct, a pet clinic. Recently, Carry signed a partnership with fusion restaurant Regular Six, which accepts cryptocurrency and is currently working on implementing Carry Protocol services in its stores. Still a long way to go on price stabilization The biggest concern at this point is price. For the token to be used for purchasing goods and services, its price needs to be stable. Immediately after Carry’s token started trading on Upbit in May, the prices rose 23 fold. But an hour later it tumbled sharply. Investors who participated in a funding round and purchased at 5 won were able to see their profit increase more than 20 times as it went up as high as 122 won. On June 15, 900 million presale tokens were released, more than the 300 million previously circulating. But in just one day, the price fell 30 percent to 40 won. On June 17 it was trading at around 50 won. Would prices go up if purchased now? Carry Protocol plans to make an important announcement on June 17. While it is not clear what kind of announcement will be made, if the rumor of collaboration with a major partner company is true, the price now could be a low. Some predict that the token value will fall 50 percent if a massive number of number of presale tokens flood in. But right now could be lowest point as Carry Protocol could gradually increase its distribution using Dodopoints. *Won Jae-yeon introduces coins that have a huge potential. Won does not own any Carry Protocol tokens.