What is white paper?Colin Baseman
In simple terms, this is a document that describes all the details of the project, the technical characteristics and advantages that should convince someone to invest in the project. White paper is a marketing tool designed to promote a project and increase its popularity, or, if used unsuccessfully, reduce it to a minimum.
This document is the past, present, and future of the project. In it, the developers describe in detail what actions have already been taken, which are planned in the future, what they can lead to - this part is often called the Road Map. WP makes conditions and risks as transparent as possible. So it’s easier for investors to make a choice, and users have a better idea of the company.
Who Invented White Paper?
Formally, this was done by Satoshi Nakamoto. He published a 9-page document detailing the decentralized Bitcoin payment network and blockchain technology. It subsequently formed the basis of more than 2000 altcoins.
Now any serious project has such a text, and its publication is often accompanied by considerable hype. After all, it is from White Paper that you can find out the most important details and make an investment decision.
As a rule, investors have already developed a number of questions that they ask when considering prospects for investing in a particular project. We will briefly tell you what White Paper should have if the developers are serious and want to attract large investments.
- First and foremost, the goals of the project and the basic concept that the developers adhere to. In this paragraph, it is important to clearly and concisely explain what you want to achieve, and what, in your opinion, is the success of the project.
- Stages of the project. There are 4 stages in total:
- Initialization. An initial analysis of a business idea is carried out, goals and priorities are determined.
- Planning. Determining the scope of the project, identifying all kinds of risks, calculating the amount of resources that need to be spent.
- Implementation. Includes product development, tracking project progress. It also includes solving possible problems, actively informing project participants about what is happening and testing performance.
- Completion. Includes direct product transfer to project participants.
- Legal issues. This is a section that will give users more transparency. It will make sure that the project is open and formal. For investors, well-filled legal data will also become an additional argument in favor of investment.
Each white paper is unique in its own way, because it includes data on a specific product. But we have outlined the basic information that it usually contains in itself.
To summarize. White paper is one of the most important documents in ICO, because it describes the life and possibilities of the project. From it you will learn almost all the information you are interested in. Remember that the quality of this text can be judged by how it is composed. Everything should be as simple and clear as possible, with the disclosure of all issues important to investors. Good WP confirms the serious attitude of the company team.
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