Vernam

The World's First 0% commission insurance on blockchain

About Vernam

Vernam aims to be a decentralized platform, based on blockchain technology, to make the insurance process less costly and fully transparent by connecting various stakeholders in the insurance industry customers, brokers, and insurance companies.Vernam aims to implement a high-end technological solution which will lower the cost of insurance services while making the business more efficient and friendly for all parties – from end clients to major insurance companies.

Competitors: B3i, Cognizant, Deloitte, Ernst&Young, Etherisc, Safeshare, Riskblock
Uniqueness/Advantages to competition: Leverages blockchain technology to provide a more secure, transparent, and efficient service than tradtional legacy market participants.

Token Sale Use of Blockchain

Product

2.8
Product
Readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

3.0
N/A
3 - Prototype / MVP / alpha.
Appeal

How appealing is the product? How good or necessary is it? Does it have a distinct edge?

3.0
N/A
3 - Interesting.
Target User Base

Is it mass market or niche?

4.0
N/A
4 - Large audience / wide market.
Competition

Are there many other similar solutions or is this one of just a few, or even one of a kind?

2.0
N/A
2 - Quite a few / somewhat better competitors.
Innovation

How innovative or inventive is the product, either conceptually or technologically?

2.0
N/A
2 - Some, but nothing outstanding.

Product

Vernam is meant to be a blockchain-based ecosystem for the insurance economy. There is currently a publicly accessible github with a repository for the project and a MVP is available for testing on the website. The mobile app dev/testing, and full platform launch are planned for after the ICO (see Roadmap).
There is appeal to the Vernam product, given the amount of the global economy that involves insurance, and the potential / target user-base will grow along with the adoption of cryptocurrency in the general population. There is currently a very large amount of legacy competition in this space, and blockchain competition will greatly stiffen over time as adoption continues, given the size of the target market.
Competitors: B3i, Cognizant, Deloitte, Ernst&Young, Etherisc, Safeshare, Riskblock

Product Whitepaper

Use of Blockchain

2.6
Use of Blockchain
Blockchain Development

Is blockchain technology essential? Does it make the solution significantly different and better?

2.0
N/A
2 - Some smart contract functionality.
Disruptive Blockchain Advantage

How disruptive is the introduction of blockchain technology into the product's market space?

3.0
N/A
3 - Potentially disruptive.
Need for a Custom Token (vs. BTC or ETH)

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

2.0
N/A
2 - Some, mainly network effect.
System Decentralization (besides token)

How decentralized is the system architecture other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)?

3.0
N/A
3 - Hybrid; decentralized as far as circumstances allow.
Contribution to Blockchain Ecosystem

How compelling is the solution's contribution to the evolution of blockchain infrastructure and economy?

3.0
N/A
3 - Interesting.

Use of Blockchain

Vernam is creating a platform and insurance marketplace, where participants can use the transparency and security of blockchain technology to buy/sell insurance. The disruptive advantage of the platform is the transparency and security of blockchain technology versus legacy solutions.
The VRN token is the main medium of transactions on the Vernam platform, facilitating payment for the purchase of insurance products, rewards and incentives for platform users, and will be used to access the decentralized ledger.
Vernam’s contribution to the blockchain ecosystem is by providing a new blockchain based market place for the insurance economy.

Use of Blockchain Roadmap

Whitepaper

3.8
Whitepaper
Comprehensiveness

Does it cover the full scope of the problem and solution?

4.0
N/A
4 - Satisfactory coverage, well written.
Readability

Is it easy enough to understand?

4.0
N/A
4 - Easy to read and understand.
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

3.0
N/A
3 - Basic honesty with some hype.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

4.0
N/A
4 - Clear, well thought out, realistic.
Technology Presentation

Does it present a well thought out technological architecture? Does it address implementational challenges?

4.0
N/A
4 - Clear, well thought out, realistic.

Whitepaper

The whitepaper is informative and provides a balanced mixture of media and textual explanation. The whitepaper is 59 pages long and is overall readable and understandable. The whitepaper includes the following sections: Executive Summary, Introduction, Insurance Basics, What problem are we solving?, The Vernam Platform, Workflow and Insurance Registries, VRN Token Sale, Next Steps, Team and Partners, and Legal Information. The business and technology plans behind Vernam are detailed and concisely explained including textual and graphical explanations. References are provided in end-note form.

Whitepaper Compliance

Roadmap

3.4
Roadmap
Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

3.0
N/A
3 - An overall plan, major milestones stated.
Feasibility

Is the development plan realistic? Is it based on reasonable goals and timelines?

4.0
N/A
4 - Realistic.
Vision

Is there a larger, long-term vision?

3.0
N/A
3 - A trend with potential.
Dependencies (services or capabilities)

How available, operational, or trusted are the other systems or capabilities on which the project relies?

4.0
N/A
4 - Available and trusted.
Current Position

Where is the project now, relative to its vision and plans?

3.0
N/A
3 - Getting there.

Roadmap

A project roadmap is given with milestones presented on a montly to quarterly basis. Obstacles lie ahead as mobile app development/deployment, and final platform release will occur after the ICO. The roadmap provides major milestones and no descriptions of the intermediate steps required to complete each milestone.

Platform Roadmap:
* 2017 Founders joined efforts to change the insurance industry and started building the Vernam concept.
* January 2018 Concept was validated by experienced InsurTech executives, who later joined the team.
* February 2018 Angel investment received, start of platform development
* March 2018 Start of the preparation for a token sale
* Q3 2018 Listed on an exchange
* Q4 2018 Vernam platform MVP launch and testing
* Q1 2019 Vernam broker starting operation in several markets
* Q2 2019 First CryptoSafe smart contracts signed. Vernam mobile app launch
* Q3 2019 Development of additional smart contract insurance products
* 2020 Operating on 8+ key European markets

Roadmap Company and Team

Compliance

2.4
Compliance
Token Utility (value through usage)

How much use is there for the token itself (regardless of its value as an investment vehicle)?

3.0
N/A
3 - Limited or uncertain use cases.
Token as Security (tradable instrument)

How valuable is the token as an investment vehicle or financial instrument?

2.0
N/A
2 - Primarily, with few additional rights.
Token/Smart-Contract Readiness

Is the blockchain infrastructure of the project ready for use? Is there a working prototype or MVP? How long until it is operational?

2.0
N/A
2 - Proof of concept or test platform.
Attention to Compliance Issues

How much attention is given to compliance (via token and ecosystem design, token sale participation, etc.)? Is this issue addressed directly and coherently?

1.0
N/A
1 - None; ignored.
Legal Review/Risk Assessment

What kind of legal documentation (reviews or agreements) and risk assessment are provided?

4.0
N/A
4 - Professional.

Compliance

VRN token is the main medium of transactions on the Vernam platform and will facilitate payment for insurance purchases and payouts will be in VRN (either directly or via digital exchange), and
in return for the use of the Vernam marketplace, customers will receive a reward in VRN tokens which is equal to the average broker commission for the given market (typically, around 20%).
The token smart-contract code is publicly available on the github repository, however there is no alpha/beta platform available for testing.
The legal notice is very thorough, aims to absolve the company of any liability regarding the ICO and any problems that may occur, and provide a general statment that the tokens are not to be deemed a security. Compliance is not addressed, with no direct statements of AML & KYC Due Diligence, processes, or enforcement.

Compliance Token Sale

Company and Team

3.6
Company and Team
Company Stage and Foundation

Is the company already established? Has it raised funds before? Is it mature?

3.0
N/A
3 - Company structure in place.
Background of Lead Team Members

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

4.0
N/A
4 - Verifiable relevant experience.
Team Assembly and Commitment

Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?

3.0
N/A
3 - Mostly assembled and committed.
Team Skill Set Relevance

Does the amount of talent and skill in each area seem to fit the project requirements?

4.0
N/A
4 - Well suited to project requirements.
Team Skill Set Balance

Is the team well-rounded (biz/tech/blockchain)? Is there sufficient talent and skill in all areas of required development?

4.0
N/A
4 - Good, sufficient for each aspect.

Company and Team

Vernam has an established team with 20 employees and 4 advisors.
The core team has experience in IT, mobile app development, B2B digital platforms, cybersecurity, finance, insurance, marketing, blockchain law, business development, and cryptocurrency/blockchain project development.
The advisors have experience in ICO advising and tech development. One advisor is the CTO of Huawei Technologies and the other three advisors are the top three ICO advisors from ICOBench.
Most of the core team has verifiable work experience credentials via LinkedIn profiles, though some profiles provide little information. Some members of the team appear to be dedicated to other projects outside of Vernam.
Positives: The core team is well rounded and some advisors and members have previous experience with cryptocurrency/blockchain/smart-contract projects and there are many blockchain developers.
Negatives: Not all members may be fully dedicated to the project.

Company and Team Product

Token Sale

3.4
Token Sale
Value Proposition of Token

How much of a need is there for the token? What is the token's utility value, and what is its value as a security?

3.0
N/A
3 - Justifiable.
Token Economy

How well defined and sustainable is the token economy? This should include circulation, fees, earn/spend mechanisms, inflation/deflation mechanisms, etc.

4.0
N/A
4 - Reasonable, sensible.
System Decentralization (besides token)

How decentralized is the solution other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)? The purpose here is not to penalize use of centralized components per se, but to assess how decentralization is incorporated.

3.0
N/A
3 - Rough estimates, but sensible.
Fundraising Goals (Min/Max Raise Amounts)

How sensible are the project's min/max raise amounts or soft/hard caps? (Related to Use of Proceeds but broader).

4.0
N/A
4 - Most tokens sold, vesting periods on kept tokens.
Use of Proceeds (Fund Allocation)

How well-defined and sensible is the planned use of proceeds / fund allocation?

3.0
N/A
3 - Some presence, lukewarm reception.

Token Sale

Vernam Token (VRN)
Total supply: 1 billion VRN
Token Price: 1 VRN = 0.051 – 0.085 USD
Hard Cap: 500 million VRN
Min Cap: 40 million VRN

Token Allocation
50% ICO
20% CryptoSafe Insurance Fund (Locked via smart contract)
15% Founders and Team (All of the tokens provided to the team will vest over 18 months)
07% Advisors and ambassadors (50% vest over 18 months)
05% Liquiditity Pool
03% Bounty and Airdrop

ICO Proceeds Distribution
30% Marketing
25% Platform Development
25% Legal and Admin
20% Community Growth

Social Media Presence & Following
There is some community engagment and reception.

Product

Vernam is meant to be a blockchain-based ecosystem for the insurance economy. There is currently a publicly accessible github with a repository for the project and a MVP is available for testing on the website. The mobile app dev/testing, and full platform launch are planned for after the ICO (see Roadmap).
There is appeal to the Vernam product, given the amount of the global economy that involves insurance, and the potential / target user-base will grow along with the adoption of cryptocurrency in the general population. There is currently a very large amount of legacy competition in this space, and blockchain competition will greatly stiffen over time as adoption continues, given the size of the target market.
Competitors: B3i, Cognizant, Deloitte, Ernst&Young, Etherisc, Safeshare, Riskblock

Category Breakdown
Readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

3.0
N/A
3 - Prototype / MVP / alpha.
Appeal

How appealing is the product? How good or necessary is it? Does it have a distinct edge?

3.0
N/A
3 - Interesting.
Target User Base

Is it mass market or niche?

4.0
N/A
4 - Large audience / wide market.
Competition

Are there many other similar solutions or is this one of just a few, or even one of a kind?

2.0
N/A
2 - Quite a few / somewhat better competitors.
Innovation

How innovative or inventive is the product, either conceptually or technologically?

2.0
N/A
2 - Some, but nothing outstanding.
Product Score:
2.8

Use of Blockchain

Vernam is creating a platform and insurance marketplace, where participants can use the transparency and security of blockchain technology to buy/sell insurance. The disruptive advantage of the platform is the transparency and security of blockchain technology versus legacy solutions.
The VRN token is the main medium of transactions on the Vernam platform, facilitating payment for the purchase of insurance products, rewards and incentives for platform users, and will be used to access the decentralized ledger.
Vernam’s contribution to the blockchain ecosystem is by providing a new blockchain based market place for the insurance economy.

Category Breakdown
Blockchain Development

Is blockchain technology essential? Does it make the solution significantly different and better?

2.0
N/A
2 - Some smart contract functionality.
Disruptive Blockchain Advantage

How disruptive is the introduction of blockchain technology into the product's market space?

3.0
N/A
3 - Potentially disruptive.
Need for a Custom Token (vs. BTC or ETH)

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

2.0
N/A
2 - Some, mainly network effect.
System Decentralization (besides token)

How decentralized is the system architecture other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)?

3.0
N/A
3 - Hybrid; decentralized as far as circumstances allow.
Contribution to Blockchain Ecosystem

How compelling is the solution's contribution to the evolution of blockchain infrastructure and economy?

3.0
N/A
3 - Interesting.
Use of Blockchain Score:
2.6

Whitepaper

The whitepaper is informative and provides a balanced mixture of media and textual explanation. The whitepaper is 59 pages long and is overall readable and understandable. The whitepaper includes the following sections: Executive Summary, Introduction, Insurance Basics, What problem are we solving?, The Vernam Platform, Workflow and Insurance Registries, VRN Token Sale, Next Steps, Team and Partners, and Legal Information. The business and technology plans behind Vernam are detailed and concisely explained including textual and graphical explanations. References are provided in end-note form.

Category Breakdown
Comprehensiveness

Does it cover the full scope of the problem and solution?

4.0
N/A
4 - Satisfactory coverage, well written.
Readability

Is it easy enough to understand?

4.0
N/A
4 - Easy to read and understand.
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

3.0
N/A
3 - Basic honesty with some hype.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

4.0
N/A
4 - Clear, well thought out, realistic.
Technology Presentation

Does it present a well thought out technological architecture? Does it address implementational challenges?

4.0
N/A
4 - Clear, well thought out, realistic.
Whitepaper Score:
3.8

Roadmap

A project roadmap is given with milestones presented on a montly to quarterly basis. Obstacles lie ahead as mobile app development/deployment, and final platform release will occur after the ICO. The roadmap provides major milestones and no descriptions of the intermediate steps required to complete each milestone.

Platform Roadmap:
* 2017 Founders joined efforts to change the insurance industry and started building the Vernam concept.
* January 2018 Concept was validated by experienced InsurTech executives, who later joined the team.
* February 2018 Angel investment received, start of platform development
* March 2018 Start of the preparation for a token sale
* Q3 2018 Listed on an exchange
* Q4 2018 Vernam platform MVP launch and testing
* Q1 2019 Vernam broker starting operation in several markets
* Q2 2019 First CryptoSafe smart contracts signed. Vernam mobile app launch
* Q3 2019 Development of additional smart contract insurance products
* 2020 Operating on 8+ key European markets

Category Breakdown
Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

3.0
N/A
3 - An overall plan, major milestones stated.
Feasibility

Is the development plan realistic? Is it based on reasonable goals and timelines?

4.0
N/A
4 - Realistic.
Vision

Is there a larger, long-term vision?

3.0
N/A
3 - A trend with potential.
Dependencies (services or capabilities)

How available, operational, or trusted are the other systems or capabilities on which the project relies?

4.0
N/A
4 - Available and trusted.
Current Position

Where is the project now, relative to its vision and plans?

3.0
N/A
3 - Getting there.
Roadmap Score:
3.4

Compliance

VRN token is the main medium of transactions on the Vernam platform and will facilitate payment for insurance purchases and payouts will be in VRN (either directly or via digital exchange), and
in return for the use of the Vernam marketplace, customers will receive a reward in VRN tokens which is equal to the average broker commission for the given market (typically, around 20%).
The token smart-contract code is publicly available on the github repository, however there is no alpha/beta platform available for testing.
The legal notice is very thorough, aims to absolve the company of any liability regarding the ICO and any problems that may occur, and provide a general statment that the tokens are not to be deemed a security. Compliance is not addressed, with no direct statements of AML & KYC Due Diligence, processes, or enforcement.

Category Breakdown
Token Utility (value through usage)

How much use is there for the token itself (regardless of its value as an investment vehicle)?

3.0
N/A
3 - Limited or uncertain use cases.
Token as Security (tradable instrument)

How valuable is the token as an investment vehicle or financial instrument?

2.0
N/A
2 - Primarily, with few additional rights.
Token/Smart-Contract Readiness

Is the blockchain infrastructure of the project ready for use? Is there a working prototype or MVP? How long until it is operational?

2.0
N/A
2 - Proof of concept or test platform.
Attention to Compliance Issues

How much attention is given to compliance (via token and ecosystem design, token sale participation, etc.)? Is this issue addressed directly and coherently?

1.0
N/A
1 - None; ignored.
Legal Review/Risk Assessment

What kind of legal documentation (reviews or agreements) and risk assessment are provided?

4.0
N/A
4 - Professional.
Compliance Score:
2.4

Company and Team

Vernam has an established team with 20 employees and 4 advisors.
The core team has experience in IT, mobile app development, B2B digital platforms, cybersecurity, finance, insurance, marketing, blockchain law, business development, and cryptocurrency/blockchain project development.
The advisors have experience in ICO advising and tech development. One advisor is the CTO of Huawei Technologies and the other three advisors are the top three ICO advisors from ICOBench.
Most of the core team has verifiable work experience credentials via LinkedIn profiles, though some profiles provide little information. Some members of the team appear to be dedicated to other projects outside of Vernam.
Positives: The core team is well rounded and some advisors and members have previous experience with cryptocurrency/blockchain/smart-contract projects and there are many blockchain developers.
Negatives: Not all members may be fully dedicated to the project.

Category Breakdown
Company Stage and Foundation

Is the company already established? Has it raised funds before? Is it mature?

3.0
N/A
3 - Company structure in place.
Background of Lead Team Members

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

4.0
N/A
4 - Verifiable relevant experience.
Team Assembly and Commitment

Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?

3.0
N/A
3 - Mostly assembled and committed.
Team Skill Set Relevance

Does the amount of talent and skill in each area seem to fit the project requirements?

4.0
N/A
4 - Well suited to project requirements.
Team Skill Set Balance

Is the team well-rounded (biz/tech/blockchain)? Is there sufficient talent and skill in all areas of required development?

4.0
N/A
4 - Good, sufficient for each aspect.
Company and Team Score:
3.6

Token Sale

Vernam Token (VRN)
Total supply: 1 billion VRN
Token Price: 1 VRN = 0.051 – 0.085 USD
Hard Cap: 500 million VRN
Min Cap: 40 million VRN

Token Allocation
50% ICO
20% CryptoSafe Insurance Fund (Locked via smart contract)
15% Founders and Team (All of the tokens provided to the team will vest over 18 months)
07% Advisors and ambassadors (50% vest over 18 months)
05% Liquiditity Pool
03% Bounty and Airdrop

ICO Proceeds Distribution
30% Marketing
25% Platform Development
25% Legal and Admin
20% Community Growth

Social Media Presence & Following
There is some community engagment and reception.

Category Breakdown
Value Proposition of Token

How much of a need is there for the token? What is the token's utility value, and what is its value as a security?

3.0
N/A
3 - Justifiable.
Token Economy

How well defined and sustainable is the token economy? This should include circulation, fees, earn/spend mechanisms, inflation/deflation mechanisms, etc.

4.0
N/A
4 - Reasonable, sensible.
System Decentralization (besides token)

How decentralized is the solution other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)? The purpose here is not to penalize use of centralized components per se, but to assess how decentralization is incorporated.

3.0
N/A
3 - Rough estimates, but sensible.
Fundraising Goals (Min/Max Raise Amounts)

How sensible are the project's min/max raise amounts or soft/hard caps? (Related to Use of Proceeds but broader).

4.0
N/A
4 - Most tokens sold, vesting periods on kept tokens.
Use of Proceeds (Fund Allocation)

How well-defined and sensible is the planned use of proceeds / fund allocation?

3.0
N/A
3 - Some presence, lukewarm reception.
Token Sale Score:
3.4

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