Vernam team answering frequently asked questions: Part 2 — The Vernam Token
Although insurance is one of the very well fitted industries for blockchainimplementation, there aren’t many ICO s introducing new insurance models.
Anyway the $4.73 trillion market of risk management needs a change as a move away from pre-Internet paperwork and the first days of the Vernam project prove that people are ready to embrace the new era of insurance process on the blockchain.
Our social media channels are growing exponentially and people engage in conversations about the future of insurance.
During the last two months we received tons of questions regarding the Vernam project, so we decided to put together the most asked ones and write a post about them. We have almost 50 questions people ask most often, so we decided to split them in separate posts. Our first post was dedicated to the Vernam product.
We’ll continue with the VRN token related questions:
Are VRN securities or utility tokens?
The VRN is 100% utility token.
What benefits are there to holders of the tokens?
Holders of the token will be able to buy 0% commission insurance products when we launch our platform. Because of our token price growth mechanism, we believe that the VRN token price will only go up after the crowdsale, so holding it will be a good long term strategy.
How can I exchange VRN tokens for fiat or other cryptocurrencies?
You will be able to exchange VRN tokens when we join exchanges. We are currently negotiating with some of the biggest crypto exchanges to list the VRN token.
Which wallet should I use to receive VRN tokens?
You will need ERC-20 compatible wallet, similar to MEW(My Ether Wallet). Please do not use exchange wallets, similar to Coinbase.
What can I do with VRN tokens?
You will be able to buy 0% commission insurance products when we launch our platform.
On which exchanges will the tokens be traded?
We are currently negotiating with some of the biggest crypto exchanges to list the VRN token.
How do I know my tokens are secure?
We have taken all measures that depend on us to secure the VRN token. If you use ERC-20 compatible wallet and follow our recommendations for participating in the crowdsale, you should not worry about your VRN tokens. Of course, you have to take own security measures — login to your MEW(or similar) account only on secure devices and never, and we mean NEVER, share your private key.
What is VCT?!
As you already know, the Vernam token is called VRN. In order to prevent possible attacks of wallets during the campaign, we introduced another token in our smart contracts — it is called VCT — Vernam Crowdsale Token.
VCT is what everyone will be getting during the campaign. The only purpose of this token is to guarantee that after the end of the campaign you will be able to convert it in VRN token. It can’t be transferred and you can’t use it for anything else.
This is why it won’t be interesting for hackers to try to steal it.
But how do I know I’ll get my real VRN tokens after the crowdsale?
Everything about our token sale is transparent and so are our smart contracts — You can check them on GitHub.
You will see that the two tokens are identical, but the VCT one is of no use other than to be converted to VRN after the crowd sale and if KYC is passed.
At Vernam, we’ve beyond excited to start revolutionizing insurance. Will you join us and help make transparent, secure, automated insurance a reality?
Team Vernam
To find out more about the Vernam Project, download our whitepaper or visit ourwebsite. Follow us on Facebook and Twitter.
