“Vernam” — icoTokenReviews.com
icoTokenReviews about Vernam:
Token VRN
Pre-ICO Price 1 VRN = 0.051–0.077 USD
Price in ICO 1 VRN = 0.085 USD
Country Bulgaria
Platform Ethereum
Website https://www.vernam.com/
Whitelist/KYC KYC & Whitelist
Restricted areas China, Singapore, USA
Token Sale 15th May — End date not announced yet
Tokens for sale: 2,500,000,000(ICO token sale)
Soft cap 40,000,000 VRN
Hard cap 500,000,000 VRN
Tokens for sale 500,000,000 VRN
Total Token Supply 1,000,000,000 VRN
Restricted area China, Singapore, USA
Token Supply Breakdown Vernam token sale 50%
Cryptosafe Insurance Fund 20%
Founders and Team 15%
Advisors and Ambassadors 7%
Liquidity Pool 5%
Bounty and Airdrop 3%
Bonus Pre-ICO Power your 40 %
PRE- ICO day 1 20 %
PRE- ICO day 2–7 10 %
WHAT IS THE PROJECT ABOUT:
• Vernam is the future of insurance and the first worldwide 0% insurance commission ever to be seen on the blockchain.
• 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.
• Our goal is to take advantage of decentralized ledgers and to address current inefficiencies in the insurance industry.
• It also provides users with a robust compensation plan, consisting of 30% of the policy premium in Vernam tokens (VRN) is given back to the clients.
• The platform is also considered to be 100% CryptoSafe and uses the powerful smart contracts to guarantee when a defined set of events happens, the client will then be compensated fairly with a specific premium sent in the company tokens known as Vernam (VRN).
• This is the newest and most innovative and modern insurance product that Vernam has built on the blockchain technology.
IDEA:
• They are aiming at creating a digital and direct link between the insurance company and the end user in the digital marketplace.
• Due to the elimination of the middlemen, customers will be benefitted through much lower insurance premiums and transparency in payments and settlements.
PROTOTYPE PRODUCT:
• They have released demo version of their unique insurance platform
( http://92.247.94.82:7771/mvp/#!/).
CONNECTIONS:
● They are going to announce their connections next week.
WHITE PAPER HIGHLIGHTS:
• By implementing blockchain technology, we plan to tackle two main problems with the current flow of information between insurance providers and end customers — the lack of pricing transparency and the lack of adequate customer history.
• The insurance market worldwide in 2016 was estimated at $4.732 trillion and Europe contributes with a 31% share. The total size of the insurance premiums in the continent has been stable around € 1–1.2 trillion, regardless of the overall economic situation and the tendency is to increase. Of this amount, approximately 40% is attributed to non-life insurance which includes motor insurance, health insurance, home insurance, travel insurance, marine insurance, commercial insurance, etc.
• The various types contribute €471bn in 2015 with European motorinsurance industryworth €131.7 billion and a total size of property insurance for the same year reaching €92.6 billion. Non-life insurance is Vernam’s target sector and Europe is the first market we plan to penetrate.
• Insurance is one of the most stable markets, regardless of the overall economical landscape and Vernam’s solution will completely transform the internal dynamics of this sector by implementing a high-end technological solution which will solve all inefficiencies in the current business model.
• The average commission of insurance brokers approximately 15–20%, which increases the price for is end customers without providing particular value-added services.
• In return against the use of OUR marketplace, customers will receive a reward in VRN tokens, equal the average broker commission for the given market (typically, around 20%).
• since Insurance is a conservative market with tradition-driven business principles, Vernam will be the actual revolution — an up-to-date digitalization implementing the core values of the current era where clients and product or service providers are asking for a way to work with each other as directly as possible, without third party interest distortions involved in the process.
• We think the lack of transparency is unfair — the Vernаm platform will eliminate such speculations!
• Blockchain can be utilized to create a tamper-free, perpetual record of clients’ insurance history, which can be used by insurers to optimize risk assessment, whereas from customers’ perspective blockchain can be the key to lower their own insurance premiums.
• The CryptoSafe (CS) will be a digital crypto product, only available through the Vernam platform. Each registered platform user, who has a sufficient number of its proprietary Vernam Tokens, will be able to purchase the CS, which is a type of 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). Smart contracts are autonomous and execute without the need of a third party
• CryptoSafe will provide an end-to-end digital process, which will be fast and automated. The use of a smart contract will guarantee correctness towards the end client .
VERNAM ADVANTAGE
● 0% Commision insurance : Clients, purchasing conventional insurance through the Vernam platform will receive a cashback reward, equal to a typical broker’s commission (up to 30% of the premium price) in VRN tokens.
● CryptoSafe Smart Contract : Every client will be able to sign the “CryptoSafe” smart contract, free of commission, guaranteeing that when a defined set of events occur, the client will be compensated.
● Vernam VRN token : To take full advantage of the platform we will introduce the Vernam token (VRN), an Ethereum-based ERC20 standard non-minable utility token that can be obtained on our crowdsale.
● Constant demand : All insurance processes on the platform will operate with VRN tokens, generating a constant demand and rising price of the VRN token.
● Secure and Transparent : The use of a shared ledger will prevent any possibility for data manipulation, increasing transparency and minimizing transaction costs.
● Industry Know-how : Part of our team are key figures and companies with more than 20 years of experience in managing, developing and working in all fields of the insurance industry combined with top blockchain and crypto experts.
HYPE:
● 38.5 K telegram users, 36K Facebook followers and 15.8K Twitter Followers.
● 4.5 Ratings as per ICO bench
● It has got 28K YouTube views.
LONG TERM ASPECTS:
• 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.
• First CryptoSafe smart contract will be signed in the 2nd quarter of 2019 and Vernam mobile app will be launched.
• Vernam will be operating on 8+ key European markets in 2020 for further expansion.
