Vernam initial coin offering (ICO)

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.

4.2
21 21 expert ratings
4
4.2
4.2
3.8
View rating distribution
Starts in 1 year ago
2018-08-20 - 2018-09-20
Token
VRN
Type
ERC20
Bonus
Available
Price in ICO
1 VRN = 0.085 USD
Platform
Accepting
Soft cap
40,000,000 VRN
Hard cap
500,000,000 VRN
Raised
1000000
preICO start
May 15, 2018
preICO end
Jun 4, 2018
ICO start
Aug 20, 2018
ICO end
Sep 20, 2018
More on ICO
Report

About Vernam ICO

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business model has not changed significantly over the last several centuries, while its technologies have long become outdated.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.

Vernam reviews

Paul Mears
ICO investor, cryto trader
Rated on Mar 23, 2018
4
4
4
3%
Conston Taylor
ICO Advisor | ICO Analyst | Blockchain Researcher
Rated on May 12, 2018
4
4
4
5%

Beyond infrastructure projects, insurance is an example of a strong use case for the blockchain. I like their plan and approach and if they are able to execute this could be a successful project.

Mofassair Hossain
CEO and Founder Perhalic, ICO Advisor, Investor, PR and Marketing Expert
Rated on Mar 19, 2018
5
5
5
6%

great team. great advisory board best of luck team

P.B. Stanton Esq.
ICO Advisor | Securities & Banking law | Former US Marine JAG Officer
Rated on Mar 26, 2018
5
5
5
3%
Bobby (Borislav) Iliev
ICO Expert & Advisor | Business Development Consultant | Marketing Strategist
Rated on Apr 5, 2018
5
5
5
5%

The insurance industry looks to be the next big beneficiary of blockchain technology, and here we can see interesting project that want a bite from that sector in EU. We already witness major players like Generali, LiberyMutual, etc trying to keep up with the technology.

Vernam will serve as platform for the market, trying to cut the middleman – brokers. They go further with adopting some of the core ideas behind blockchain technology, creating very own product on top of that – CryptoSafe.

We see good team in their website, including top advisors from community. Lets see how it will go here...

Alex Chang (Chia Ming)
CEO of TimeBox | Serial Entrepreneur | Expert of Blockchain, Gaming, ICT Industry In Greater China and Northeast Asia
Rated on Mar 19, 2018
5
5
4
4%

Good vision & strong team. Wish you the best luck to conduct your product!

Vladimir Nikitin
ADVISOR | CONSULTANT | EXCHANGES Listing
Rated on Mar 31, 2018
5
5
5
7%

Good and strong team
Interesting idea
Wish you good luck

VAKEESAN MAHALINGAM
ICO Analyst|Content Writer|Trader| CFA Charterholder|Consultant
Rated on Mar 21, 2018
4
3
3
2%
Alexander Sverdlov
Cyber Security Advisor for ICO startups
Rated on Mar 21, 2018
4
4
2
4%

Yet another Whitepaper-only ICO - when the team has not worked and has not tested anything on the market yet as a product / idea and have no validation from potential customers on the customer/business side, it is a bad sign. I hope they recover from this lapse and start working on a product instead of focusing on marketing / whitepaper only.

Reinhard Berger
CEO Pecunio Blockchain Technologies
Rated on Mar 22, 2018
3
3
3
2%
Francisco Riera Valentine

Rated on Mar 24, 2018
5
5
4
1%
Igor Karavaev
ico advisor and investor
Rated on Mar 28, 2018
5
5
5
7%

Promising project with a good team and detailed WP

Austin (Hyun sup) Chung
Co-Founder, CFO at ATFS / Finance Expert, Venture Capitalist, ICO Advisor
Rated on Mar 30, 2018
5
5
4
2%
David Drake
Managing Partner
Rated on Apr 1, 2018
4
5
4
6%

The team may need a stronger international Asia and US experienced team for growth. Technology product success is based on client acquisition and I want to be convinced this team can handle non-Russian speaking jurisdictions.

Ilya Anikin
Business strategy, investment deals, investor relations
Rated on Apr 10, 2018
5
4
3
6%

There are a lot of centralized web services that have comprehensive information on the offers of all insurance companies available in a particular region. They do not need a blockchain - they make excellent money on advertising.

What is Vernam going to add to them?

Dmitry Machikhin
International Lawyer and entrepreneur, Blockchain business expert
Rated on May 11, 2018
4
3
3
5%

Good team but suspicious Advisory board.
Despite the obvious blockchain necessity insurance market is extremely traditional and very close to new players. I'm not sure Vernam could be the new one
Besides, Bujgaria sounds weird... (Thnx one coin for that..)

Scott Brown
Senior Technology Executive, ICO Advisor, CryptoCurrency Enthusiast, Investor
Rated on May 7, 2018
3
5
4
4%

Team:
Experienced Executive team from a general business perspective
Of note, CEO spent 3 years prior to blockchain on digitization of business process (good sign)

Facets to explore:
Team talent that has Insurance and Finance experience does not seem to be on full time or directly involved with the company.
Don’t see a CFO, which I would expect for a raise of this magnitude

Vision:
Exciting space to innovate in and a lot of room to disrupt a very large asset base market that is also inefficient (key target market)
Whitepaper went into a fair amount of diligence on the space

Product and Tokenomics:
Ease of use for consumers will be one big success criteria here

Facets to explore:
May be a very tough market to penetrate, so the raise on a token that will also perform the utility for this business may have a long speculative bridge to cross.
~$375M USD raise is reasonable for the market they are trying to tackle, but raising it in one lump sum is questionable, this tends to lead to distract execution would prefer to have seen phased smaller raises.

Notice: I do not provide investment advice. Please see my profile for important disclosures.

Michael Williamson
Blockchain Consultant, MBA, LSSGB, Former USA Financial Advisor, Insurance Agent
Rated on May 19, 2018
1
1
1
5%

In my opinion,
Until you correct the copy paste issue, I have to rate it no higher than a 1.
I would like to thank you for your response. My reply is the following...
1) You mention the word "life insurance" several times throughout the white paper for instance:
"In a survey, by the British Bankers’ Association from 2014, life insurance and pension cus- tomers across the United Kingdom" ; "The first company to offer life insurance was the Amicable Society for a Perpetual Assur-ance Office, founded in London in 1706." ; "While insurance companies proliferated (by 1820 there were 17 stock life insurance companies in New York state alone)" ; "Almost 50% of US life insurers disappeared between 1873 and 1877." ; "In a life insurance contract, the insurance company pays to a designated beneficiary in case of the death of the insured person (typically the policy holder). " I do see where you mention that your business model is based on the disruption of non-life, but you mentioned "life" several times throughout the paper so this is why I asked.
2) This is fine, "universal or term insurance' refers to life insurance so you cleared that up for me. I wasn't referring to mediation.
3) I would suggest to always use multiple references when researching/writing using myriad of articles.
As a side note, Wikipedia says ...
'anyone can click "edit" at any time and add stuff in, any article may contain undetected misinformation, errors, or vandalism.' "Wikipedia is written collaboratively by largely anonymous volunteers who write without pay. Anyone with Internet access can write and make changes to Wikipedia articles, except in limited cases where editing is restricted to prevent disruption or vandalism. Users can contribute anonymously, under a pseudonym, or, if they choose to, with their real identity." https://en.wikipedia.org/wiki/Wikipedia:About
So I would just suggest to be careful. I do like your concept, and hope that you find success in your business venture. I think you have some really good advisors on the team, I look forward to seeing the development of this project and good luck!
___________________________
In my opinion,
I am not trying to be too tough, however, I would like to see your company succeed, but I think there is a lot of work to be done... your white paper is too similar to wiki. Could you please explain?
I am just giving constructive feedback, hope you take it this way, and if you could correct some of these issues then I will more than be willing to update my rating. I looked all over your white paper and couldn't figure out, maybe I missed it? I do see that you mention life insurance, but you mention 20-30% commissions, is this from universal or term policies? I did a search for these terms, but didn't see that you wrote anything about this.
Life insurance is the number 1 industry for AML, and the first line of defense is the agent, how will you overcome this?
I am also in insurance, but I am confused on what kind of insurance you do? Life, health, auto, reinsurance etc?
As of right now, I think your project is too general, considering that insurance is such a huge industry and you can't take it all on at once, which angle will you seek first?
I understand that its ok for SEO purposes to rewrite articles, I get it, but generally speaking its not a good thing to use Wikipedia as a reference tool, nor rewrite it.
https://en.wikipedia.org/wiki/History_of_insurance
"The first methods of transferring or distributing risk in a monetary economy, were practised by Chinese and Babylonian traders in the 3rd and 2nd millennia BC, respectively.[1] Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel's capsizing. The Babylonians developed a system that was recorded in the famous Code of Hammurabi, c. 1750 BC, and practised by early Mediterranean sailing merchants. If a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loan should the shipment be stolen or lost at sea."
Your white paper says (page8):
"What is the origin of the insurance industry? The earliest known examples of property insurance date from ancient China and Babylon. In the 3 millennium
B.C. Chinese merchants would redistribute their goods, when sailing through dangerous river rapids, to minimize losses against a vessel sinking. The Babylonians advanced insurance further. The famous Code of Hammurabi (c. 1750 BC) mentions how merchants, financing their business through loans, would pay their lenders an additional sum, against a guarantee that the loan would be cancelled, should the shipment be stolen, or lost at sea."

*Please see my profile for disclosures.

Graham Doggart
Blockchain Advisor and ICO Growth Consultant. Founder at Dynamic Abundance Advisory
Rated on May 11, 2018
4
4
4
5%

Insurtech definitely a favoured niche, plenty of competitors coming through so needs to stand out more.

Benjamin Randall
Blockchain Advisor
Rated on Jun 9, 2018
4
3
3
3%

The whitepaper and presentation need work. In any industry, using technology to cut out all middlemen is, of course, a great idea, which is why Vernam has so many direct competitors. I don't specifically see what makes this company stand out when compared to the rest. Commissions exists for a reason. Commissions inspire marketing. Also, consumers pay for help to understand a product. Replacing a human salesforce is easier said than done. On the other hand, the insurance industry is a perfect candidate for blockchain tech, so I wish this company the best of luck.

PlumBot
ICO Analyzer Bot
Rated on Sep 2, 2018
0
0
0
15%


Experts are independently and voluntarily contributing to the community. If no expert has rated the ICO, only ICO analyzer's results are used. Always research before investing as these ratings should not be taken as an investing guide of any kind.

Ratings and ICO analyzer results are being updated (re-calculated) every few hours.

Vernam ICO price

Price in ICO

1 VRN = 0.085 USD

Vernam (VRN) crypto

Vernam coin

Vernam token
VRN
Vernam type
ERC20
Vernam platform

Vernam (VRN) value

Tokens for sale
500000000

Vernam market cap

Vernam market capitalization
$ 1000000

Vernam investment info

Accepting
Min. investment
0.1 ETH
Distributed in ICO
50%
Soft cap
40,000,000 VRN
Hard cap
500,000,000 VRN

Vernam whitepaper

Vernam team

Apply as an advisor

PhD Student, MBA Roman Angelov

CEO, Co-founder

Ivan Georgiev

Co-founder

PhD Student, Dipl. Eng Dimitar Mitrev

Co-founder

Vernam milestones

1
2017

WePower idea

2
2020

WePower idea

3
February, 2018

WePower idea

4
January, 2018

WePower idea

5
March, 2018

WePower idea

6
Q1, 2019

WePower idea

7
Q2, 2019

WePower idea

8
Q3, 2018

WePower idea

9
Q3, 2018

WePower idea

10
Q4, 2018

WePower idea

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