What makes a great whitepaper
Whitepapers are a vital component of the crypto ecosystem. Crypto developers use whitepapers to educate investors about new cryptocurrencies and their benefits. Whitepapers are an essential marketing tool for any cryptocurrency project. An excellent crypto whitepaper provides detailed information that gives potential investors enough insight to know if the project is worth the investment. It makes sense to say that a crypto whitepaper makes or breaks a cryptocurrency project.
You can spend hours writing a crypto whitepaper, but if it doesn't stand out, it may not be successful in its goal. This article covers everything you need to know about writing an excellent crypto whitepaper. Implementing these principles will help you create a whitepaper that attracts investors and convinces them to raise funds for your project.
I started writing whitepapers in 2016 for different fundraising projects and have managed to grow my writing team constantly since then. After more than 50 whitepapers written, here is what I learned about creating a good whitepaper for crypto projects.
We will go through a series of aspects to look at when writing a whitepaper:
Project Industry
Target Audience
Structure
Design
Industry
The crypto industry is vast and complex. Before researching your whitepaper, you should understand how the crypto market works. It will help if you learn about the cryptography behind the coins and tokens. Another critical aspect is understanding the crypto industry's regulatory framework. Here are a few ways to conduct thorough research.
Explore online sources: The crypto market is growing quickly, and many new projects are emerging. To stay ahead of the game, you should keep up-to-date with the latest news and developments in the crypto world. Online resources offer many ways to engage with others and get information about the crypto industry. For example, you can find forums, blogs, videos, podcasts, and other informative online materials to learn how crypto technology works. Online publications like CoinDesk, Forbes, and the Bitcoin Magazine are great places to look. Twitter is another excellent place to find updates on events and exciting developments in the crypto world. You can use this platform to read tweets from reputable figures in the crypto industry, including the CEOs of significant crypto projects and exchanges.
Read other reports and white papers on the same topic: As you research, you may discover that other people have written about similar projects. The information you learn about those projects may help develop ideas for your whitepaper. While you build off others' ideas, ensure that your whitepaper is original and not plagiarized. You may find it a good idea to contact the authors of these reports and whitepapers. They might be willing to share their knowledge with you.
Ask questions about the project: The client will not always give all details about what business field they will impact, so it's important to seek clarification. Will the project be used commercially, or is it a proof of concept? The client should be able to explain what the company does, its business model, and its business purpose. If these details are too vague, the project may appear to be a scam. Your questions should be specific and concise. It would be best if you didn't ask too many questions as this can look unprofessional. Only ask questions that are related to the project and technology. Your clients will appreciate that you are asking them questions. They will feel that you care about their ideas and will make them like you, trust you more, and share their ideas.
Give yourself enough time to write the whitepaper: Crypto whitepaper requires intense research so ensure that you don't rush into writing it. You don't have to spend every hour of the day writing. The reason why you need enough time to write the whitepaper is that it will help you to focus on writing the whitepaper. You can get distracted by other things if you try to write the whitepaper right away. Ideally, space out your writing between 2 to 4 weeks.
When writing a paper, you must immerse yourself in the industry you write about.
Tips for writers
Before accepting a project, make sure you have some industry know-how. If you write a blockchain whitepaper without knowing specific terminology, it will show, and then you will deliver a low-quality document.
The client will not always give all details about what business field they will impact, so ask questions (even if they seem stupid).
Allow yourself 2-4 weeks to write a paper. Less than this is less than ideal for a top-quality product.
Tips for startups/clients
Do your research when choosing a writer. Even if it is tempting to go for freelance marketplaces to find a good writer, you might have some unpleasant surprises. The best writers get their recommendations via word-of-mouth in the crypto industry.
Do market research before you engage a writer. This is your job as a company and it will only help you outline your main differentiators.
Have professional photos of your team taken so the whitepaper does not look like you all glued together your high-school graduation photos.
Target Audience
It's important to understand your target audience when creating a crypto whitepaper. After all, you're writing it for them. Remember, the whitepaper aims to convince investors to put their money into the project. And the surest way to accomplish this goal is to ensure that the project aligns with their investment objectives. By defining your target audience, you'll find out what they're looking for in a crypto project and optimize your presentation to appeal to them.
A crypto project usually has three audiences: retail investors, crypto VCs, and developers. Let's take a closer look at these audiences to understand their roles in the project.
Retail investors: Generally, they're looking for opportunities to make a quick profit. So your whitepaper should include information on the project's roadmap, how the token will be distributed, and what kind of return investors can expect.
Crypto VCs: These investors are willing to put their money into early-stage crypto projects. They're looking for a high return on investment and are not afraid to take big risks. To appeal to these investors, you must clearly understand the market and the problem you're trying to solve. You also need to show that you have a strong team with the skills necessary to execute the plan.
Developers: Most of the work that goes into a crypto project comes from the developers. These professionals literally make the project a reality. Developers want to see a strong team behind the project because they want to feel like they're part of a community. They also want to be sure that the project is well-organized and well-funded. Because it will mean better pay and favorable working conditions for them. They'll also be interested in evaluating the technical aspects of your project to know how easy it is to develop your network. So ensure you provide a detailed section on the development roadmap.
Please remember that a complicated language is completely unnecessary. Every time I read a paper fluffed with fancy terms (sometimes even invented or completely misused), I think it is a scam project.
Structure
There are two popular structures for crypto whitepapers: background-focused papers and problem/solution papers.
Background-focused papers provide an in-depth look at the technology behind the cryptocurrency. They explain the origin of the project and how it works. They also provide a detailed breakdown of the development process and show how the project is expected to achieve its goals.
Problem/solution papers focus on the challenges that the cryptocurrency is trying to solve. They describe how the cryptocurrency is different from other cryptocurrencies and how it can be relevant in improving current systems. For example, travelers might be able to resolve issues with cross-border payments by using a cryptocurrency token to make transactions.
Regardless of the structure you choose, the whitepaper should include:
A description of the project's goals and objectives.
A detailed insight into the project's technical features, including its roadmap and expected timeline.
A description of the risks and benefits of the project.
An explanation of the team's background and experience.
A description of the token's utility and pricing.
An explanation of the risks and benefits of trading or holding the token.
Design
When designing a crypto whitepaper, there are a few things to remember. First, the layout should be consistent throughout. This feature makes it easier for readers to navigate and understand. Second, data visualization is key. Your readers will appreciate being able to see the information laid out clearly and concisely. Moreover, scientific research proves that the brain interprets visual information 60,000 times faster than text.
Design is also essential for creating a strong first impression. The layout and visuals should grab readers' attention and make them want to learn more. Finally, keep in mind that good design isn't just about looks. It's also about functionality. The layout and visuals should be easy to understand and use. You don't need strong artistic skills to create insightful visuals for your crypto whitepaper. With graphics design software like Canva, you can find dozens of templates online to create your designs with minimal effort and in the short time possible.
The best practices in this area are:
Focus on data visualization. Humans like numbers and pictures. If your data is easily visualizable, it will be easy to understand.
Avoid unnecessary graphics. You do not need to have a chart describing your team structure or add images for its sake. Less is more.
Have a layout. So often, I see disparate images thrown on a document that it is nearly impossible to follow the silver lining and understand what they do. Please make sure that your design follows a predictable layout.
Conclusion
Finally, a good crypto whitepaper should include information about the team because it can give potential investors a better understanding of the company and its intentions. In addition, you must include information about the project team and how they can help make the project successful.
After you’ve written the crypto whitepaper, you’ll have to review it thoroughly. Reviewing your whitepaper can help ensure you meet the expected standards to make it fly. Scan through the entire document for grammar and spelling mistakes. You can either do this manually or use a proofreading tool like Grammarly. Also, check for factual accuracy and review your data and calculated figures. Finally, look for any inconsistencies in your story and fix them accordingly.
You might also be interested in taking advantage of the software. For example, when you use software to create a crypto whitepaper, you can complete it faster, and your work tends to be more organized, accurate, and easy to read. Some of the best whitepaper software is FlipHTML5, AnyFlip, Lucidpress, and Visme. Using any of this software can make your document more accessible and user-friendly. If you can nail all these things, you'll have a whitepaper to help set your project up for success.
