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Vernam (VRN) ICO Review – ICO Token News


Vernam is 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!  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.  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.

Business Model

Vernam’s business model is based on the disruption of non-life insurance distribution chains, therefore our analysis does not take into account life insurance , where the largest European markets are UK (€181bn of life insurance premiums in 2015), France (€136bn), Italy(€115bn), Germany(€93bn),Switzerland(€30bn),Sweden(€27bn),andSpain(€26bn).  In non-life insurance, several countries have market size of €70-100 bn, which translates in “density” (i.e. premiums per insured person) of about €1000 / year. The average “density” in non-life insurance for Europe has been €760 for 2015.

Property insurance is also a major category with a total size of €92.6 billion in 2015. Germany is the biggest market with €17.9 billion of property policies, with UK market at €17.6bn and France with €16.8bn having almost the same size. For the remaining West European countries, typical industry volume is in the €2-3 bn range, while Eastern European countries have property insurance markets of €100-200 bn per year (Greece with €447bn, Hungary with €518bn, and the Czech Republic with €731bn are relatively large per the region’s standards).


Our plan is to use blockchain technology to resolve the inefficiencies on the insurance market, resulting from the asymmetric information and lack of transparency between end customers, brokers, and insurance companies. We will create a marketplace, powered by a decentralized ledger, which will allow providers to optimize their risk calculations, while customers will benefit from lower insurance premiums! To provide a comprehensive experience, we will set up a network of brokers in different countries to be operated by the marketplace, which in the future will eventually include our proprietary blockchain powered C2C insurance company, operating with Vernam ICO  tokens. At the same time, our decentralized blockchain based platform will be open to all stakeholders, who would like to take advantage of its customer, insurance providers and their insurance products data base as our decentralized model will increase transparency and decrease transaction costs.


Of all the methods of encryption ever devised, only one has been mathematically proved to be completely secure. It is called the Vernam cipher or one-time pad. In cryptography, the one-time pad (OTP) is an encryption technique, requiring the use of a one-time pre-shared key of the same size (or longer) than the message being sent, which cannot be cracked. The “worth” of all ciphers is based on computational security. If a cipher is “computationally secure” this means the probability of cracking the encryption key using current computational technology and algorithms within a reasonable time is supposedly extremely small, yet not impossible. In theory, every cryptographic algorithm except for the Vernam cipher can be broken given enough cipher text and time.

Vernam Token

The platform will be powered by Ethereum based ERC20 utility token named Vernam Token (VRN), which will be used by clients, insurers, brokers and third parties. Each new insurance contract, signed on the Vernam platform will be denominated in VRN. Tokenizing the platform will allow the unique identification of customers and assets, and the transfer of this information through the blockchain to insurers as an unalterable digital record. Besides the purchase of insurance products, the rewards and incentives for platform users will also be given in Vernam tokens, which will thus bean integ.

While the use of VRN tokens will not be a requirement for the purchasing of digital insurance instruments through the Vernam platform, its built-in algorithm will convert any method of payment (such as fiat currency) into Vernam Tokens – under the current exchange rate of participating platforms. The reward tokens, received as an incentive for purchasing digital insurance products through the platform could be converted back to fiat money through a digital exchange, retained to purchase subsequent insurance (at an approximately 20% lower rate, than purchasing it with fiat money and receiving a VRN-denominated discount). As the Vernam platform gains traction, the growing recognition and acceptance of crypto insurance products will result in a wider circulation of the VRN Token. In addition, the increased circulation will create a significant pool for exchanging tokens into Euro, Dollars, or other fiat currency – thus guaranteeing liquidity to VRN holders and prospective platform users.

After the Vernam platform is operational, customers will be able to purchase conventional insurance products through a broker network – including proprietary Vernam brokers. Sales and claim compensations will be covered through the platform, while risk analysis, claim adjustment and examination will be provided by the insurance company. Communication between Vernam and the insurer will be real-time and completely automated. To know current trend of ICOs, you can check ICO stats.



  • PhD Student, MBA Roman Angelov
    PhD Student, MBA Roman Angelov
    PhD Student, MBA Roman Angelov
    CEO, Co-founder
  • Ivan Georgiev
    Ivan Georgiev
    Ivan Georgiev
  • PhD Student, Dipl. Eng Dimitar Mitrev
    PhD Student, Dipl. Eng Dimitar Mitrev
    PhD Student, Dipl. Eng Dimitar Mitrev
  • HBS MBA, Borislav Stefanov
    HBS MBA, Borislav Stefanov
    HBS MBA, Borislav Stefanov
    Business Developer
  • Vesselin Zahariev
    Vesselin Zahariev
    Vesselin Zahariev
    Financial Expert
  • PhD, Prof. Zhelyo Hristozov
    PhD, Prof. Zhelyo Hristozov
    PhD, Prof. Zhelyo Hristozov
    Insurance Director
  • René Rosenberg
    René Rosenberg
    René Rosenberg
    German Operations
  • George Matev
    George Matev
    George Matev
    General Legal Counsel
  • Nadya Kaloyanova
    Nadya Kaloyanova
    Nadya Kaloyanova
  • Ivan Manchev
    Ivan Manchev
    Ivan Manchev
    Marketing Expert


  • 1
    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
    Operating on 8+ key European markets.

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