Whitepaper is a detailed document which is used to persuade prospective customers or partners. It is an important component of blockchain projects. Potential advisors, investors usually ask for a whitepaper draft to understand the concept of the project and get to know the people behind the idea before they decide to be a part or invest in it. A whitepaper includes technical details, road map and the strategy adopted.It outlines the business plan in a language that is easily understood by a layman yet has to be powerful document armed with the necessary information to make a lasting impact.
Satoshi Nakamoto's white paper of Bitcoin is considered the vanguard of whitepapers in the cryptocurrency and blockchain world. It is a very well written succinct document which outlines the technical details yet has a persuasiveness of an article. Though this whitepaper is considered a good reference for entrepreneurs, an individual approach for each concept must be adopted. The document should aim at educating the reader with the vital information in a compact time frame along with the in-depth details that will help the decision makers make a decision. A whitepaper also serves as a lead generation too as it subtly “sells” the idea to target audience. As per B2B Technology Content Marketing Report 2016, White papers remained a primary choice for content marketing with a lion’s share of 83% owing to their effectiveness.
However, a whitepaper should not be written as a sales document nor as a manual outlining technical details.Its purpose is to persuade readers to know more about the methodology and technology. An ideal whitepaper should have the perfect ‘bliss point’ making the reader more interested in the idea and have him coming back for more. It should offer a novel method of solving a problem and provide sufficient factual information to back up its claims.
Generally the format of a whitepaper is pdf. It comprises of concise yet informative sections of :
Abstract
Introduction
Scope
Project’s concept and the underlying technology
Competition Analysis
Team details
Roadmap
Token sale
Reference
The abstract briefly summarizes the concept and its probable use. In the introduction section further details are provided to the reader. Technical details may or may not be included depending upon the target audience and choice of the entrepreneur.
Scope should outline the problem which would be solved by the service, product or technology. In simpler words, it should identify the problem area and mention the potential benefits along with the brief description of the resolution. For example, a blockchain based medical health record solution should outline the loopholes in the existing record keeping system and detail how a blockchain based solution will be more effective as it will act as a transparent and immutable record to prevent frauds and duplicate entries. An effective the demonstration of application and efficiency in the real world increases the chances of genuine interest by potential customers, partners and advisors.
If possible a section of competition analysis should be included that would compare the solution with other available solutions in the market and highlight the usp’s. This section should be followed by team details with images of the team along with their areas of expertise. Links to LinkedIn profiles could be provided or their name be hyperlinked to redirect the reader to their profile.
The roadmap section should set the milestones along with the objectives to be achieved with a time frame. A realistic roadmap helps stakeholders in setting realistic expectations from the project. The token sale section should provide information about the type of token, total number of token, projected value of the token and how they would be distributed. The last section of the whitepaper is the reference section where all the sources referred must be cited. A well researched whitepaper is always considered superior.
To sum up an effective whitepaper would establish the entrepreneur as a leader, outline use and profitability with help of relevant information. A good whitepaper can make or break your entrepreneurial journey so make sure you choose the writer wisely.
About Me : I have been assisting clients in writing whitepapers and case studies for their blockchain based solutions in Fantasy Sports, Sports Betting and Cannabis Industry. Get in touch for a quote for your next whitepaper.