What’s Vernam (VRN)?
Vernam (VRN) wants to revolutionize the Insurance industry by connecting customers, brokers, and insurance companies.
Using the Blockchain technology they’ve developed a decentralized platform to make the insurance process less costly, fully transparent and much more convenient.
Today’s problem is that big insurance company have to use brokers to close contracts, in exchange brokers usually takes up to 30% of the policy premium.
Eliminating brokers as the middleman, and adding blockchain and smart contracts on the platform they can reduce the costs of insurances up to 30%. They don’t apply a discount for the insurance but they give back to you that 30% value in form of tokens, their Vernam token, that you can sell on exchanges or used for purchase.
Here’s the official video:
- MMgroup – http://www.mm-bulgaria.com/
- Bitcoinist.com – https://indacoin.com/
- 7 Markets – https://7marketz.com/
- Tad Group – https://www.tadgroup.com/
- Reduce insurance costs up to 30%:
Eliminating brokers from the process will reduce costs, smart contracts will replace this figure, and bring more transparency in the process.
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)
- Insurance registries:
Information of insurances and clients will be registered securely of the blockchain to combat counterfeit; any nation will have his own registry with different insurance smart contracts.
Info, News and ICO Results
At the moment, the coin is inactive, it’s not yet on exchanges, however, I can report basic information of the token sale:
Token Symbol: VRN
Total Supply: 1,000,000,000 VRN
Soft Cap: 40,000,000 VRN
Hard Cap: 500,000,000 VRN
Minimum contribution: 0.1ETH, 0.01BTC, 1000USD
Cost per token: 0.051 (PRE-ICO) – 0.085USD (ICO)
All unsold tokens burned.
Team tokens are vested for a period of 18 months.
Token sale lasts from 20th August 2018 to 20th September 2018.
Community Around It:
- Twitter: 14.800 Followers;
- Facebook: 35.866 Likes;
- YouTube: 29 Subscribers;
- Telegram: 20.082 Members.
Regarding recent news, you can have a look at the links below for the last relevant updates; note that the projects don’t publish any news from June 2018!
- Vernam Crowd Sale is postponed until August (June, 4)
- Interview with founders (May, 18)
- How to spot scammers on their telegram group (May, 17)
Regarding competitors, Insurex is one of them; let’s analyze the main differences:
The team of Vernam is quite good, there are a lot of people working on it (or there were), but no one has a blockchain experience. The team of Insurex is for sure much better in terms of previous experiences, even if the Vernam team is bigger.
The idea behind it of both is good, but the team of Vernam for instance, aims to resolve the costs of brokerage on this market, is this the real problem of insurance market?
No MVP ready on both projects.
Insurex has issued 65.778.844 IXT; Vernam has issued an incredibly high number of tokens, 1,000,000,000 VRN.
– CEO of DIMIROMA GROUP;
– Co-Founder & Manager of IOVA Academy leading training programs in diverse fields;
– Ph.D. in Finance, Business, and Entrepreneurship.
– Background in tech, design, communication, and leadership;
– Experience in providing managed IT services for Fintech companies;
– Ph.D. in finance and financial management at VUZF University;
You can see all the team members and advisory board here:
Considerations About What We Have Seen
This is a dead project (or I think it is), their last news was on June 2018, and I think also they got smart.
I mean, if we watch their YouTube channel we can find this video of the CEO, we find this video: https://www.youtube.com/watch?v=purpNMsKtdE, showing him coming with an expensive car and go to work in a very big office with his personal secretary, I don’t think this is a good way to show your work on a small project and I can understand they were all acting.
They have also pumped numbers of their social media, we have some socials with a big amount of likes and others with small like/subscribers. Look at their telegram group on June:
Now almost 20k people are gone, and remaining users are mainly inactive.
Their idea was not so bad, but something went wrong during the developing of this project, I suggest you stay far away from this project.
- Website: https://www.vernam.com/
- Twitter: https://twitter.com/vernamofficial
- Facebook: https://www.facebook.com/vernamofficial/
- Telegram: https://t.me/vernam
By Michele Costa