LBank AMA Recap with Carry Network

LBank Exchange
6 min readApr 28, 2021

Date: 27/04/2021
Time: 18:00 UTC+8
Venue: LBank Telegram Chat Room https://t.me/LBank_en
Guest: Richard Choi(CEO)
Host: Saidul| LBank

Part 1. Introduction

Our users actually know you. Because we talked about it many times in our telegram groups. But would you like to tell us about yourself and the #Carry Protocol ($CRE) anyway?

Sure. It’s great to meet everyone here today. This is Richard Choi, the founder and CEO of Carry Protocol. I started Carry Protocol to give control of data back to the users, starting from the offline market.

Carry’s chief objective is to be the first cryptocurrency to be widely used by everyday consumers. The objective here is to create a product that doesn’t just appeal to crypto-enthusiasts but to those who don’t know what blockchain is.

To appeal to the masses, the team is partnering with some of the largest players in Korea to kickstart deployment and accelerate growth.

One key partner is Spoqa, the operator of Dodo Point, Korea’s largest loyalty service for offline stores. Dodo point has over 22,000 offline merchants as clients, and has over 25 million users in Korea (equivalent to about half the population).

Using Dodo Point’s popular infrastructure as a solid foundation for launching Carry, the team’s target is to launch Dodo app with Carry functions along with a web app with Carry token staking feature. Once launched, users can stake Carry tokens to receive free cups of coffee, sandwiches and pizzas as rewards.

We are happy to see you among us. I hope we will do great things together and the future.

Part 2. From Twitter

Q1:

Not everyone is private about their privacy. How do they know that their privacy is guaranteed ? And how do CRE can earn money while people control their data ?

A1:

Currently, consumers have no choice but to provide their personal data to the enterprises and platforms. Using CRE, consumers can empower individual consumers to take control of their purchase data and its monetization. CRE will build an ecosystem where all consumers, stores, and advertisers can benefit.

We have a tokenomics in place where users will want to keep buying CRE to get rewards in the real world, while supply is locked to staking. This is designed such that utility and increased demand will result in upward trends in price.

Q2:

What strategies do you have for buiIding a strong community? Do you agree that the power of the community wiII Iead your project to grow gIobally? AIso, what services do you provide to the community?

A2:

I agree that the community is one the most important factors to decide the project’s success. Although our first product and its adoption will take place in South Korea, we will try to communicate and expand the community worldwide, and that there is something for every CRE holder out there =)

Q3:

Right now issuing a token is a fairly simple process. However, building systems and ecosystems is the hardest part. My question is, how will the demand for tokens increase and how will this token be used in the ecosystem?

A3:

We are going to launch a product where CRE holders can deposit the tokens and get the real world benefits. It will decrease the circulating supply of CRE and increase the needs for the tokens.

One example of the utility of CRE token is… stake it with us, and you’ll get free cups of coffee, sandwiches and/or pizzas on a regular basis, depending on the length and amount of your staking.

We expect to launch our first Carry service in the first half of this year. Please stay tuned!

Q4:

Are there any competitors for CARRY and what are CARRY’s advantages?

A4:

Of course, there are many other great projects targeting the offline market around the world. However, not every project has a strong go-to-market strategy or initial user acquisition.

We have a very solid partner to kickstart deployment in the offline world. Carry is partnered with the operator of Dodo Point, Korea’s largest loyalty solution for offline merchants. Dodo Point is used by 25 million users, which is roughly half the population in South Korea. Using Dodo as a platform to launch, Carry is expected to bring the innovation to the offline world.

Some say it’s all about the product and the technology. I say everyone can build products, but not everyone can execute like we can =)

Q5:

What is your main objective and what do you prioritize as you main product or market venture?

A5:

Carry aims to create an ecosystem where all consumers, stores, and advertisers can benefit. It helps stores to have a better understanding about their consumers with the purchase data consumers shared, help advertisers send more targeted ads to the right customers, and empower consumers to have a right to control and monetize their data. Cary’s first service will be launched for the South Korean market initially.

Part 3. From TG group

What is your background and how did you come to the idea to create CRE project? Why did you choose the name CRE? Does it have special meaning and is there any story behind this name?

I have 10 years of experience in working with merchants and consumers in the real world. I know what services work and what users and merchants like and how to deploy services. I came up with the idea behind $CRE because I found that my data oftentimes is used without my consent and I hated that experience. Who likes getting spam messages and emails? NOBODY. I figured I wanted to start a blockchain project where users are in control of their data.

DeFi, Staking and #CARRY Farming are hot topics right now in our Crypto #CARRY , My question is, did you make this project only for the short term because of these hot topics? Do you have a long term plan for this project?

Short answer: no

Long answer: we want to come up with a REAL utility for tokens. Stake $CRE, and you will be able to receive physical goods as rewards. Such as beer, chicken, etc.

Regarding settlement service provider, which and how fast in order to ensure merchants are not having loss while receiving any digital currency? Which many merchants afraid of.

I am not a blockchain maximalist. I consider it as a great tool to provide a useful service for merchants and consumers. Right now as you pointed out, transaction speed and volatility of crypto assets act as a great repellent for offline payments — merchants want stability and fast settlements. We will centralize some of the settlement such that service providers that work with merchants and consumers can guarantee stability and speed. At least until the state of blockchain improves to solve these two issues =)

Globalization is the need and aim of projects, so what strategy does CRE have to reach out to and attract local organizations and partners?

Of course. But the most important is building a successful use case in ONE area. We are doing that in Korea first.

Do you have a plan to help boost token demand and scarcity?

Increasing token demand:

Imagine having to stake a few hundred dollars worth of $CRE tokens and you get your weekly coffee or beer fix. Imagine having to spend a little more and you get pizzas and chicken dinners regularly. All of this while you have $CRE price exposure. Why SPEND money to get coffee and pizzas when you can stake it and get them for free?

Decreasing token supply:

Staking. See above.

Ethereum is starting to get stuck, ETH 2.0 is slowly maturing, so what is CRE’s strategy if that happens?

I can’t wait until this happens. Although $CRE is ERC20, the current state of ETH makes it impractical for any commercial-grade service to be built on top of it. We will centralize some part of the build to save on gas fees and increased tx speed. When we find a suitable base protocol, we could migrate to it. Or when ETH 2.0 presents itself with its amazing tech and commercial viability, we will consider migrating it too.

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