Carry Protocol aims to resolve the incompetence of “OFFLINE”

kaavya92 (32)in #crypto • 6 years ago

Leveraging Blockchain technology to innovate offline commerce market

The offline market has unprecedented disruption in terms of making a technological advancement. Unlike online shopping and purchases, offline is lagging. The Carry Protocol is marching towards making an advancement in the offline field by connecting merchants and consumers through blockchain.

What’s the plan?

The Carry team aims at providing a platform to all the merchants, where can understand their customers and interact with them.
It ensures the consumers to control their own payment data and information is monetized.
Provide an effective, transparent, and new advertising channel.

Despite other platforms, consumption is predominantly prevalent offline. Carry team aspires to introduce new technology in the offline commerce, where there are significant challenges.

Little to no understanding of the customers by the merchants. That is because the customer data is inadequate and scrappy.
Consumers have no power on their data, corporations usually monetize their information without the control of the consumers.
Offline advertising is ineffective and outdated.

Additional insights about Carry

As Carry’s flagship partner, Spoqa will leverage its existing merchant and consumer base to scale Carry Protocol into the market. This will give Carry Protocol a competitive edge in the market and help achieve faster application in the real world.

Carry is contributing to the growth of an offline fair rewards system, by creating a healthy ecosystem for partner companies, merchants, contributors and consumers.

Component of Carry Protocol

The carry protocol comprises of two major parts and each of those parts consist of two components. As you can see in the picture below, there is,

Carry Transaction Database: It is a virtual database on the blockchain where the transaction data is generated and uploaded by consumers.
Carry Smart Contracts: It supports the issuance and use of tokens (CRE and BT) on the Carry Protocol.
Carry Wallet API: It enables wallet apps to support Carry Protocol and lets consumers manage their cryptocurrency, control their transaction data & privacy settings.
Carry Device API: It allows devices at the stores to support Carry Protocol and provides the function to pay with cryptocurrency and sends payment data to consumer’s wallet.

Carry’s payment options

Carry Protocol’s service begins when a consumer buys goods or services at a store and completes a transaction.

It supports fiat payments like Credit Cards and Cash. Also, cryptocurrencies.

Tokens and Loyalty Points

Carry Protocol helps merchants by providing tokens branded for each merchant. The Branded Tokens act as a receivable issued to the consumer by the merchant, and thereby imposes an obligation on the merchant to provide goods, services, or other benefits accordingly.

Transaction Data Monetization

Carry Protocol gives full authority of the data to the consumers, to realize its mission of “consumer data ownership.” Even when the consumer chooses to upload the transaction data, whether in part or in whole, their privacy will be protected through anonymity shield and data encryption. Carry Protocol gives consumers CRE as a reward for uploading their transaction data on the blockchain, thereby encouraging more uploads.

Branded Tokens and Advertisement

Advertisements are sent in the form of BT on the Carry Protocol. Based on its property, the BT could be a coupon to be used on the next visit or a simple ad display. On the receiving end, consumers see the ad on their wallet app in the form of BT. Carry Protocol data, we can expect to see highly effective advertisements in the offline market. Consumers that opt to receive ads will also receive CRE on top of the BT as a reward for ad exposure. Carry Protocol also allows advertisers to track the effectiveness of their ads, as is typically done in online advertisements. Both the issuance and use of Branded Tokens are traceable, making it possible to measure ROAS (return on ad spend) and distinguishing it from the traditional method of handing out flyers.

Tokens

Smart contracts

Carry Protocol can be accessed through Smart Contract. BT is the most basic and important function of Carry Protocol, and merchants can issue BT of various types through Smart Contract. The entities using Smart Contract (mostly merchants) must

Stake a certain amount of CRE on Carry Protocol
Pay-as-you-go (in CRE) for each use of Smart Contract

CRE

CRE is the main token of Carry Protocol

Carry Token Pool

CRE will be subject to inflation with the growth of Carry Protocol, and such inflation will be used to reward consumers for uploading transaction data on the blockchain CRE stake or per-use fee must be made to execute Smart Contract. The per-use fee, paid in CRE, is accumulated in the central CRE Pool of the Carry Protocol. The CRE Pool is where the CRE from the per-use fee and the CRE from inflation are located.

Branded Tokens

BT is a token on the blockchain that is generated and issued through Smart Contract by merchants or advertisers on the Carry Protocol. It is a key element connecting merchants (advertisers) and consumers.

Carry Protocol Value Proposition

Consumer

Customers will be rewarded BT for buying from merchants that support Carry Protocol. After the usual transaction is complete, customers will receive loyalty points or coupons in the form of a BT that they can use on their next visit.
Consumers will be rewarded CRE for uploading transaction data. After the purchase, they can selectively share their transaction data on Carry Protocol and receive a reward from Carry Protocol for sharing this information.
Consumers will be rewarded CRE for accepting advertisements. Carry Protocol eliminates the middle players like the existing marketing channels, so these fees go directly to the consumers.
Consumers can manage the points and coupons for various stores in one app. Small and medium businesses usually issue points and coupons in different ways, making it difficult for customers to manage them together.

The Carry Wallet app will enable everyday consumers to use one app for simple management of points and coupons

Merchant

Merchants are defined as businesses that provide goods or services to consumers in exchange for cryptocurrency or fiat.
Merchants will be able to attract more customers by supporting Carry Protocol, which will lead to more sales.
Carry Protocol will make it easier for merchants to manage their customers. The interface provided by Carry Protocol will be easy to use, despite the complexity of the protocol or blockchain technology behind it.
Merchants can use the interface to learn more about their customers and use BT for various forms of interaction with their customers.

Advertiser

Advertisers are participants who wish to advertise to consumers on Carry Protocol.
Advertisers can put out an ad very efficiently in the offline market. Unlike passing out flyers, Carry Protocol will allow advertisers to track the effectiveness of the ad, which will enable them to narrow down specific targets of their ads over time.
Advertisers can release the ad on Carry Protocol via easy-to-use interface so that they can focus on other aspects of their business

Token Distribution

Carry Tokens (CRE) are issued to develop Carry Protocol and build its ecosystem. Supporters can take part in the token generation event by sending cryptocurrency. The exchange rate of tokens to be given to participants will be defined via an announcement on Carry Protocol communication channels.

Funds

The funds raised through TGE will be used to develop Carry Protocol and build its ecosystem.

30% of the funds will be used on the core research and development (R&D).
25% to provide the necessary devices to merchants (payment hardware).
20% for overall business operation to operate Carry Protocol and help the business gain stability (operation & business development).
15% to promote awareness and actual usage of Carry Protocol in the real world (sales & marketing).
10% will be reserved for other uses.

Token Details