Based in Bulgaria, Vernam is a Blockchain-based insurance marketplace platform. It allows insurance companies to sell their plans on the platform to the users interested in them. On Vernam, users are able to purchase insurance plans with a 0% commission fee and see their insurance payment activated automatically (through smart contracts) if an event previously stipulated occurs. 

The VRN token is an Ethereum-based (ERC-20) cryptocurrency. This is the Vernam native digital currency, it will be elementary for the users to purchase insurance plans and/or receive a compensation if an event previously agreed occurs.

Team:

• Roman Angelov: CEO, Co-founder. 
• Dipl. Eng Dimitar Mitrev: Co-founder. 
• Ivan Georgiev: Co-founder. 
• Branimir Minkov: CTO. 

Vernam ICO began on August 20, 2018. The ICO token supply represents 50% of the total token supply, so there is a total of 500,000,000 VRN tokens available, for 0.085 USD each. The ICO funding target is 40,000,000 VRN, the funding cap is 500,000,000 VRN and is expected to end on September 20, 2018 or when the funding cap is reached. Any unsold/remaining tokens will be burned.

Token Reserve Split (50%):

• 20% Covering CryptoSafe insurance product;
• 20% Internal Reserve Fund;
• 7% Advisors;
• 3% Early stage project supporters.

Vernam ICO features a bounty campaign as well as the following bonus structure, and the token will not be mineable.

Bonus Structure:

• 20% Pre- ICO day 1;
• 10% Pre- ICO day 2-7.