[Binance AMA] Recap: Carry Global AMA Highlights
Recap: Carry Global AMA Highlights
Hello members of the Carry Community!
During the new round of Binance Community Coin Vote, we’ve been reaching out a lot of global communities to introduce our project and deeply engage with the community members.
It was a fresh experience, talking to the communities around the world in a couple of days!
For those who missed, let us share the highlights:
We’ve reached over hundreds of communities from all around the world, and luckily we could conduct 15 AMAs in 9 languages from October 30 to November 4. Among them, 9 communities were Binance official global communities (Russain, Ukrainian, Indonesian, Indian, Vietnamese, Korean, Chinese, English, and Turkish) and 6 were leading influencer communities (Crypto Believers, Vietnam Blockchain Community, CryptoDiffer, Gagarin ICO, CryptoDaku Robinhooders, and Crypto India). The AMAs were very productive and an opportunity to engage and communicate with supporters and blockchain enthusiasts around the world. We would like to say thank you to all the organizers and members of those communities.
Top FAQ Questions
Q. Where is the the “carry protocol” name coming from and what is the logo representing?
A:Fun question after all the serious ones. We chose the name Carry because we wanted to represent tokens that you can REALLY use in the world world. Tokens you can <Carry> around and use every day. Tokens with real value. Also, it is easy to pronounce for many languages.
The logo is green to represent value of data that the project is trying to tackle.
Q.Most of investor just focus on the price of token in short term instead of real value of project. Can you tell us the motivation and benefits for investors to Carry $CRE long term?
A. As Carry gets more users and the ecosystem gets more activated, more and more offline purchase data will be shared on the Carry network. This means purchase data that was lost before becomes consolidated for companies and advertisers to access to learn more about their potential customers. You’ve heard people say that data is the new “oil” or is “digital gold” — this is because data provides very useful insight and companies and advertisers alike can use data to acquire and retain customers by sending targeted ads and tailoring individualized experience for consumers.
Advertisers that want access to data on the Carry network will need to buy and stake a lot of CRE tokens. Over time, as more and more data is shared on the Carry network, more and more CRE tokens will be taken out of circulation supply for staking. This means the demand of CRE tokens will rise while the supply shrinks. And you know what happens next to the price of tokens =)
Q. How does carry protocol plan to take on tech giants like Google and Facebook in their own game??
A.Google makes money from user’s data. Google users don’t make money. They get free service instead.
Carry doesn’t make money from user’s data. Carry users make all the ad money. Users are in charge of what data they want to share. This is possible because there is no intermediary that benefits from ads. Advertisers send ads STRAIGHT to consumers via Carry network, and its compensation goes to users, not companies like Facebook or Google. Carry disintermediates media/platform companies.
Google and Facebook are obliged to return maximal profit to their shareholders, and need revenues going to THEM.
Carry will capture value from all of its ecosystem in the form of CRE tokens. This means all the proceeds of ad spending can go back to Carry users.
So all the ad revenue can go to Carry users. This is fundamental structural difference between companies like Google and Facebook.
Q. Is CRE planning to create its own Blockchain based on Klaytn? If so, why choose Klaytn?
A: There are so many great base protocol projects out there that are tackling the TPS and gas fee problems. Also, the privacy challenge is technically hard to overcome also. We also have partnership with one of Korea’s hottest base protocol project called Klaytn. They are doing a superb job creating an enterprise-level blockchain for service providers like us.
In our October newsletter, we stated that we will initially centralize our build because we want to wait until we see these base protocol projects are commercially viable. Once we launch our service, we will plug into tens of millions of real users, and to make a seamless service without inconveniences, we need to have absolute confidence that commercial viability is proven.
We don’t want to just wait around until a base protocol project successfully achieves this status. We will first build the service that users will love (Share data, and be compensated. View ads, also be compensated). Once we have user acquisition and see organic growth of retention and user engagement, we will migrate to blockchain one component at a time.
Q. How your staking model works? And how encourage you user to do staking?
A: We don’t expect users to stake CRE tokens. Instead, we expect advertisers and companies alike to stake CRE tokens to get access to Carry data that consumers shared.
Q. 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.
A: Stores selling physical goods (and services) have cost of goods sold (COGS) associated with the good. So it is extremely important for merchants to have SOME guarantee that the currency they receive is relatively stable.
One method that Carry is reviewing is having a settlement service provider. So when consumers pay with CRE tokens in physical stores to buy things, settlement service provider converts the CRE tokens into fiat and deposits the fiat currency to the merchant. This way the merchant is hedged against any price volatility. We are speaking with some big exchanges to partner up so they can provide settlement services with Carry to dominate the offline market.
Q. Can you tell us more about your advertising Channel? How is that effective and Transparent from current Ofline advertising channels??
A: Current offline advertising methods in the offline market is extremely limited. Sure, the merchants use Instagrams and Facebook #hashtags to be noticed by mobile users, but merchant’s can’t track how many people saw it and actually visit the store. They don’t know how much money they made from paid ads on Google or Facebook. Merchants STILL use leaflets and physical coupons and hand them out in the street because they still think it is the most effective!
Imagine you are starting a coffee shop next month. With Carry, you can stake CRE tokens to find out how many people around your store (within 3km, for example) spend money on coffee on weekdays and weekends. You can even see what time of the day they buy. You can target these users and send ads or coupon promoting your new coffee shop along with CRE tokens as rewards.
This way, you will know how many people you sent the ads to, you know how much money you spent to reach these people, and later on, when they visit your store and use the coupon in the ad, you can count and find out how much this Carry ad campaign made you in revenue. Everything is trackable and it is transparent. You don’t pay a media or platform company to put your ads up. Merchants can send ads straight to people.
Consumers on the other hand, receive Carry tokens whenever you get ads!
Q: How will you deal with the privacy issue on the blockchain?
A: Any data that users voluntarily share will be anonymized. Any information that can be used to identify a person cannot be shared in Carry (even if the users want to). Carry team is designing a service in which users are allowed to share the data based on current standards according to South Korea’s Personal Information Protection Act as well as international privacy law.
Q: Korea has a very good POS system that accept cashless payment even in remote places. But Indonesia is different. In many remote places, hard cash is still the King and many shops do not have digital payment apps. At the same time cash does not leave a trail of users’ data and users does not have to worry about how the data is being abused. In this situation, what would be your strategy to penetrate the market?
A: We understand that the offline market is very different in Indonesia and ASEAN markets than in markets such as Korea. Every store has a POS machine, and that is the standard for accepting payments. Credit card usage in Korea is the highest in the world, with more than 70% of the population owning and using credit cards.
When we enter a new market where the market situation is different, of course we will work with a method that works and is prevalent/standard in the local market. Mobile payment is on the rise as ASEAN startups are really pushing their users to use their payment app (Gojek/Grab).
We will need to partner with merchant-side mobile apps to gather the data and this may not be easy. But after we prove that Carry ecosystem has high potential for growth in Indonesia, we could have more solid case in convincing other dominant players in the market to partner with us.
Q. You’re currently using Spoqa as nice base for development. But lets think globally. Not every offline merchant is ready for blockchain. I bet 99% of them are feeling pretty comfortable dealing with prepaid CRMs and other centralized solutions. How do you plan to counteract the inertia in adoption among established retailers due reluctance for transition from their own legacy loyalty systems to Carry protocol? Is there any significant financial incentive for them which will let you to expand the adoption of your product?
A: We don’t expect every merchant to jump on Carry just yet as understandably, they don’t want to adopt tech that isn’t proven. That is still the case in Korea also.
We solved this problem in Korea by giving merchants several options when they change their loyalty system. They aren’t being locked into a worse system that is inconvenient and something they can’t control. We teach them that the new system is more reliable, convenient, and has more functions than existing loyalty cards. (such as being able to send coupons easily).
We don’t expect Carry to expand to the world on our own. That’s why we dedicated 25% of our total token supply to onboard strong players that have already established their ground in the offline market. Participate as a partner and contribute early to the Carry network, and get more tokens and see the upside together.
Thank you
