WHITE PAPER

White Paper is an official document usually issued by a new blockchain project before Initial Coin Offerings (ICO). White Papers have a purpose to inform readers or potential investors about the new project, the technology used, the methodology used, the marketing plan, and the product or service in general.

It is a document that helps the prospective customer make a more informed and knowledgeable decision before investing in the new project. If the document does not facilitate a decision, it may be anything but not WP. The main principle of this document is that clients receive a detailed and informed response to a complex problem and how it aims to be solved.

A white paper can also be called a checklist, infographics, reports, interviews, etc.

Step by Step Instruction to Build a White Paper

If you are about to read this, you should at least know that a White Paper is considered to be one of the most effective content marketing tools. It is where you are pitching your project to potential investors and it is the first thing someone will look at before considering investing in a new blockchain project.

Firstly, a White Paper needs to have a list of the O B J E C T I V E S.

  1. To provide readers with important information about the product, service or technology.
  2. To establish interaction with existing or potential clients of the project, coin.
  3. To explain the problem and then how this project aims to solve it.
  4. To influence in a way the decisions made by the readers.

 

Secondly, a WP includes the S C O P E   O F   U S E

Originally brief reports were presented in the governments for discussion in Parliament and they were called White Papers. Somewhere around the 20th century, their concept took another meaning and they are now used for marketing purposes in many industries, mostly to help businesses around the globe.

white paper

In the information technology industry or blockchain industry, the white paper is used either as a technical instrument or as a marketing instrument.

  1. Since the 1960s, in the Appum Group, the information on the latest developments and research results was spread with the help of White Books for internal use.
  2. In the 1990s, white papers were actively used to provide information to the top management of companies.
  3. The publication of Satoshi Nakamoto’s (Bitcoin’s creator known as) idea of digital peer-to-peer cash in the white paper of 2008 is considered a response to a crisis of confidence in the banking system.
  4. The appearance of the White Book by Vitalik Buterin, creator of Ethereum, in 2014 allowed the Nakamoto technology to be used more widely.

 

Characteristics of a White Paper

  1. Does not contain advertising messages, instead, it encourages readers in favor of the described technology, or product by explaining its purpose
  2. Written in a formal language
  3. Includes examples of the described technology

The structure of white papers of key cryptocurrencies resemble academic articles and usually include the following:

C O N C E P T

  1. Introductory part: statement of the problem and a brief description of the current situation of the market
  2. Definition of basic concepts, explanation of the operation of key algorithms.
  3. The very presentation of the proposed concept and the technical details.
  4. Enumeration of possible problems, as well as their solution. An explanation of why the solution of this company is better than the solutions of competitors/previous developments
  5. Main conclusions, brief summary of the document.

The purpose of the White Paper

White Papers enable you to build trust with the audience while showing to the readers a reliable team, experienced, and adept in a given theme. If the WP is not a quality one, readers will most probably turn it down and will go look for the next project.

This perception of marketing tool can also boost sales as it aims to gain more investors through its documentation. Buyers prefer to purchase from vendors they trust and see as experts in their field.

Finally, white papers are extremely useful for lead generation. The 2017 Content Preferences Survey from DemandGen found that more than three-fourths of survey respondents were willing to exchange personal information for a white paper — more than for eBooks, case studies, analyst reports, podcasts, or infographics.

Who uses White Paper?

White Papers have become more famous in the last decade and after the expansion of content marketing (the creation and distribution of non-promotional content intended to generate interest in a business and its offerings). They used to be used by governmental agencies, NGOs, consultancies, financial institutions and insurances that needed to present their findings or ideas of ongoing research in an effective way or format. 

However, today they have been adopted by other industries as well including the Blockchain industry and the creation of new coins which is why we are writing about them today. With the growth of the crypto market touching $2 trillion at the time of writing, new words have been created and used. White Paper is not a new word it already existed before however, it is just gaining more popularity nowadays.