Why is the Bitcoin white paper good?
It all started with a file called “Bitcoin: A Peer-to-Peer Electronic Cash System”, which was published on October 31, 2008. In the file, the author under the nickname Satoshi Nakamoto outlined in detail his vision of the first cryptocurrency and explained why it is better than traditional financial institutions. In just nine pages, written in a strict academic style, there is a comprehensive description of what would later give rise to a revolution in the world of finance.
There is no doubt that the world received what was written in the first white paper with great enthusiasm.. Let's try to speculate: why the Bitcoin white paper turned into a fundamental text. First of all, of course, the point is in the product that she describes: if Satoshi Nakamoto had limited himself to beautiful words, nothing great would have happened. But since we are talking about a white paper, it is important to understand its role in success. There, current problems were correctly posed and a non-standard solution was proposed.. Satoshi Nakamoto was able to explain why Bitcoin is the key to breaking the impasse in which, in his opinion, traditional finance finds itself.
Different types of white books
After Bitcoin, the white paper as the face of the project became the generally accepted standard.. By and large, it has turned into a specialized genre for the crypto world – there are even specialists offering their services in writing white papers. And in this genre a number of subgenres have emerged that are worth distinguishing:
- Technical Paper. It describes in detail the details of the project, including protocols, code and algorithms. Compilation is usually carried out by highly qualified specialists in the field of computer science and/or cryptography. The first Ethereum book is an excellent example of such work.
- Business Paper. It talks about the business side of the project, explaining its products and how they will generate profit. Here, the abundance of technical details can be a disadvantage – potential investors are primarily interested in profit, so it is better to write such texts in a language that is more understandable to a wider audience.
- Research Paper. This is an analysis of a specific problem or task, taking into account the context. This document presents proposed solutions to problems or problems.. The creators of Solana and Cardano prepared extensive research documents before entering the market. The Bitcoin White Paper can also be considered an example of this genre.
- Brochure (Lite Paper). This is a short introduction to the project, offering a very basic overview.. A very common format for late altcoins.
It is clear that different projects may involve different subgenres. Therefore, the whitepaper of a specific project can combine different features – it all depends on the specifics of the project. The above outlines only the range of generally accepted issues addressed within the framework of white papers. Which aspects need to be disclosed first and with what amount of detail, and which issues should be ignored or reviewed briefly (since they are not interesting to the target audience) is a decision that the author of the white paper must make.
Planning stage
“Measure twice, cut once” is an appropriate folk wisdom in our case.. It is better to write when a clear understanding of all aspects of the project has been achieved.. And not only from the inside, but also from the outside – the context is important: what is the significance for a specific market and the industry as a whole.
From this comprehensive understanding, by and large, everything else follows: what subgenre to choose, what logical parts to break the text into, how to structure it correctly, in what style and for whom to write.
The main thing is not to fall into the dangerous trap when it seems to you that everything written is crystal clear. Don’t forget about “proofreading” – let people you trust read the text. Ideally, the sample of proofreaders should be as wide as possible: from those who know how to write white books (they can give valuable advice) to complete laymen. To make sure that your text is understandable even for those who are far from the crypto world. In general, there is a whole area of auditing white books on a paid basis by experts, whose services a potential investor or developer can pay for.
Useful lifehacks
Although advice on writing a white paper can vary greatly depending on the objectives and goals of the final project, there are some general useful recommendations:. These include the following notes:
- Write briefly but succinctly. Remember: Bitcoin's “reference whitepaper” is only nine pages long.
- Write beautifully and clearly. Using literary language has never harmed anyone. Make sure that the text is pleasant to read.
- Describe the user problem that your project is intended to solve. Maybe some current problem in the market? Convincingly demonstrate why your solution solves the problem better than existing solutions.
- List the important technical features that will help the project achieve its goals and objectives. The more vague the wording, the less trust the reader will have.
- Think about the reader. Take care of the reader's convenience. Don't forget that information can be visualized, this can greatly simplify getting to know the project. Additional links to presentations and other visual content may help.
- Although the concept of cryptocurrencies goes hand in hand with the idea of anonymity, the lack of information about the developers is not always beneficial to the project. Currently, many fraudulent projects are offered under the guise of anonymity, so available information about the developers may be decisive for a potential investor.
- Write the introduction and abstract as the very last ones: this way they will be most organically integrated into the text.
Conclusion
As you can see, the tips apply not only to white papers, but to documentation and advertising in general. Naturally, because, by and large, we are talking about creating a clear and convincing text that can win over readers, partners and investors. The point of writing a whitepaper is to put the essence of your project into the right words.. The recommendations will allow you not only to compile a good white paper, but also to conduct an audit of existing whitepapers on the market if you, for example, are a cryptocurrency media company like us. The document, first of all, should be concise and clear, explain for what purposes and tasks the project is being created, prove to the reader that the project is not a scam, provide a technical description in a language that is simple and understandable to a wide range of readers.