Vernam ICO (VRN)

The Future Of Insurance


The world's first 0% commission insurance on the blockchain. Our goal is to revolutionize the insurance industry! We are probably the first company in the world ready to implement a high-end technological solution which will dramatically lower the cost of insurance services while making the business way more efficient and friendly for all parties-from End Clients to major Insurance Companies! Vernam utilizes blockchain technology to provide: 1. Competitive online marketplace for conventional insurance products by the biggest insurance companies 2. Generous compensation - up to 30% of the policy premium in Vernam tokens (VRN) is returned to clients 3. “CryptoSafe” - a smart contract, guaranteeing that when a defined set of events occur, the client will be compensated with a certain amount of Vernam Tokens (VRN). The newest and most innovative blockchain based insurance product that Vernam will introduce.

Business services Cryptocurrency Platform Smart Contract Software
4.7

by expert rating and reviews


5.0
ICO PROFILE
4.7
TEAM
4.8
VISION
4.2
PRODUCT
Ended
Token VRN
Platform Ethereum
Price 1 VRN = 0.085 USD
Country Bulgaria
ICO Start Date 08 May 2018
ICO End Date 18 May 2018

About Vernam

Our goal is nothing less, but to revolutionize the insurance industry! We are the first company in the world ready to implement a high-end technological solution which will dramatically lower the cost of insurance services while making the business way more efficient and friendly for all parties-from End Clients to major Insurance Companies!

For this purpose we developed Vernam! A decentralized platform, based on blockchain technology, connecting various stakeholders in the insurance industry – customers, brokers, and insurance companies, which will use blockchain technology to make the insurance process less costly, fully transparent and much more convenient.

An unexpected reality? Insurance is one of the largest global industries ($ 4.73 trillion in 2016), but its business model has not changed significantly over the last several centuries, while its technologies have long become outdated. That is why our plan is to make the next evolutionary step and digitalize the industry.

The status quo today: Big insurance companies depend on brokers to bring their products to end customers. In exchange, brokers receive generous compensation up to 30% of the policy premium – for performing relatively low value-added services.  Imagine if End Clients don’t need to cover the broker’s commission and instead they receive his reward straight into their pocket? Vernam is about to make this possible.

Our Solution: The use of a shared ledger will prevent any possibility for data manipulation, increasing transparency and minimizing transaction costs. Besides the engine, a proprietary off-chain marketplace will use the Vernam token (VRN), an Ethereum-based ERC20 standard crypto token to take full advantage of the platform functionality.

Here’s how: Clients, purchasing conventional insurance through the Vernam platform will receive a reward in VRN tokens, equal to a typical broker’s commission (up to 30% of the premium price). Tokens can be sold on an exchange or used for the purchase of conventional and crypto insurance products.

And there is even more! “CryptoSafe”, a crypto product, only available through the  Vernam platform. Each platform user will be able to purchase the “CryptoSafe”, which is a type of a smart contract, guaranteeing that when a defined set of events occurs, the client will be compensated with a certain amount of VRN. An intelligent way to create even safer environment.

Would you like to participate in the future of insurance NOW? In total 1 billion Vernam tokens will be created and 50% will be sold at the token sale event. The proceeds will be used to develop the blockchain platform and to implement the platform on key markets, depending on size of the funds raised.

We unite the best of both worlds. Vernam platform users will be able to make conventional insurance through our own network of brokers, including Vernam company itself, and/or to purchase “CryptoSafe”, the newest and most innovative blockchain based insurance product that Vernam will introduce.

Team

Roman Angelov member of Vernam ICO
Roman Angelov
CEO, Co-founder
Ivan  Georgiev member of Vernam ICO
Ivan Georgiev
COO, Co-founder
Dimitar Mitrev member of Vernam ICO
Dimitar Mitrev
CBDO, Co-founder
Borislav Stefanov member of Vernam ICO
Borislav Stefanov
Business Developer
Vesselin  Zahariev member of Vernam ICO
Vesselin Zahariev
Financial Expert
Boris  Cuchran member of Vernam ICO
Boris Cuchran
Insurance Expert
Zhelyo Hristozov member of Vernam ICO
Zhelyo Hristozov
Insurance Expert
George  Matev member of Vernam ICO
George Matev
General Legal Counsel
Nadya  Kaloyanova member of Vernam ICO
Nadya Kaloyanova
CMO
Ivan  Manchev member of Vernam ICO
Ivan Manchev
Marketing Expert
Venimir  Petkov member of Vernam ICO
Venimir Petkov
Blockchain & Crypto Expert and Developer
Sevgin  Mustafov member of Vernam ICO
Sevgin Mustafov
Blockchain & Crypto Expert and Developer
George  Spasov member of Vernam ICO
George Spasov
Blockchain & Crypto Expert and Developer
Nick  Todorov member of Vernam ICO
Nick Todorov
Blockchain & Crypto Expert
Nathan  Christian member of Vernam ICO
Nathan Christian
Advisor
Jason  Hung member of Vernam ICO
Jason Hung
Advisor
Simon  Cocking member of Vernam ICO
Simon Cocking
Advisor
Theodor  Tamvakidis member of Vernam ICO
Theodor Tamvakidis
Advisor

Milestones

  • 1

    2017

    Founders joined efforts to change the insurance industry and started building the Vernam concept.

  • 2

    January, 2018

    Concept was validated by experienced InsurTech executives, who later joined the team.

  • 3

    February, 2018

    Angel investment received, start of platform development.

  • 4

    March, 2018

    Start of the preparation for a token sale.

  • 5

    Q3, 2018

    Listed on an exchange.

  • 6

    Q4, 2018

    Vernam platform MVP launch and testing.

  • 7

    Q1, 2019

    Vernam broker starting operation in several markets.

  • 8

    Q2, 2019

    First CryptoSafe smart contracts signed. Vernam mobile app launch.

  • 9

    Q3, 2018

    Development of additional smart contract insurance products.

  • 10

    2020

    Operating on 8+ key European markets.

Financial

Token Sale Info
Token VRN
Token Type ERC20
Platform Ethereum
Price in ICO 1 VRN = 0.085 USD
Tokens for Sale 500000000
Investment info
Accepting ETH, BTC
Distributed in ICO 50%
Soft cap 40,000,000 VRN
Hard cap 500,000,000 VRN

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