Since ICO has made such a big impact, hundreds of start-up projects revolving around this technology have emerged. Although the boom has already past, the interest in ICO continues to develop even further, with new launches being expected in the years to come.
If you are currently working on a project related to Initial Coin Offerings, and want to raise appeal around your future launch, you will need a solid White Paper to go along with it. The efficiency of this document will influence the future success of your launch. This is why it’s important for you to fully understand the topic and adopt an optimal writing approach.
What exactly does a White Paper stand for? How can you handle things correctly here? What are the must-known writing tips to be aware of?
While the market has clearly already established its ICO guidelines, you will need to focus on a few important factors when you are working on this particular document. Here’s what you need to know:
Understanding what a White Paper is
To put it in simple words, a white paper can be defined as the document that determined the technology behind a blockchain project. You could consider this file as a business plan but for an Initial Coin Offering launch. The documents usually consist of an in-depth description of the system architecture, as well as how it should further interact with users. Current market data, anticipation on potential growth, requirements for market issues, and token use are a few other aspects that need to be incorporated into this file.
Every action you take, when performing your ICO procedures, should be based on your white paper. That is why the way you choose to model it is so critical here. If you don’t provide sufficient info on the technology and on the people who will be working on the project, driving the interest of investors won’t be possible.
Start with a good structure
Before you actually start writing, you should create a structure - this will allow you to stay organized and go over every major point, without overlooking an important segment of the file. A white paper that catches attention needs to tell a story and answer any potential questions at the same time, it should be a blend of valuable data and interesting project insights. Writing experts at WowGrade suggest that any complex writing project, including white paper and business plans, should start with a good initial structure.
What should you include here?
- an introduction,
- table of contents
- the presentation of a market issue
- an introduction to your ICO product and how it’s supposed to solve the previously-mentioned problem
- info on what project segments are ready and what will continue to be developed after the ICO launch
- the purpose of your token
- insights on token commercialization
- capital requirements and how funds will be used
- team presentation
- a business roadmap
Once you have your structure figured out, you can begin to write and expand each file section to the extent you believe it needs to go.
Research potential market problems and challenges
As you are probably already aware, the launch of an ICO project demands in-depth research of the market. For your product to have any chance of success, it needs to be created around the problems the market faces at the moment, so exploring current challenges is critical.
Start by obtaining a full understanding of common terms and lingo used in the world of cryptocurrency. Find out which are the best white papers for the most promising Initial Coin Offering and see how other project developers have chosen to write this document - you will get the inspiration you need, and can use powerful examples to ensure an optimal writing approach here.
Analysing the market should give you some answers on a couple of important questions: What are the main issues the cryptocurrency sector is dealing with right now? What challenges are foreseen to appear in the future?
Based on your discovery here, you can develop a product that may potentially tackle those problems.
Focus on shining the perfect solution to the problem
So you have the market data you need, what’s next? The next section in your white paper should be created around the premise that your ICO product will solve a problem discovered through your market research. This is where your actual product description comes in.
Because this is not a physical asset, you need to find the right way of selling your idea, by going over each characteristic. Discuss and explain the following:
- Technical specifications of the product you are planning to launch – technical writing can be challenging. Any errors or mistakes will make your white paper seem unprofessional, so tackle potential inconveniences here by adopting a resourceful approach. Use writing tools and services available for technical writing purposes, such as Markdown Editor, HelNDoc, Best Essay Education, Acrolinx, etc.
- The infrastructure that stands behind the launch
- Details on long-term development objectives
- A working prototype of the product – some teams start with a few mockups but don’t exactly have a real product to talk about. This increases the risks of failure, so having a working prototype will help you build trust in your project.
This is the most important segment in your entire paper, so you need to be realistic, honest and straightforward. Readers should be able to understand your goals, should view you as a transparent company and should understand what your project can bring new to the market, why it’s worth investing in it.
ICO uses cryptocurrency as its product, and the technology of cryptocurrencies is both a financial and a technological one.
Go over the fundamentals in the product commercialization section. Potential investors will want to see how their gains are expected to grow in the future, so this is the part where you should start marketing the potential of your product.
Give a clear and compelling answer to both of these questions: How will you advertise the product virtually and physically? This way, you will help readers understand the appeal revolving around the project and could determine them to give more interest to your launch.
Treat your source code like a second white paper
The underlying technology around which your blockchain project will be created expresses the likelihood of ICO success. This means you should treat your source code like a second white paper – give it equal importance and attention from the start. Make sure to reflect your transparency in the source code you’ll be executing. Any discrepancies between supposed characteristics and the technical buildup will easily be noticed by developers and programmers. Put in enough effort in this department, to gain the credibility you want and prevent any misbeliefs from occurring.
Highlight the business benefits that might appeal to investors
One of the strongest reasons why you need to put so much hard work into writing your white paper is to get investments. Anyone who wants to invest money into a project, regardless of amount, will first consider the business benefits involved.
Is this something that will help them gain appealing returns? How much are they expected to obtain? What will end users actually benefit from? Will endorsing the product save users money?
Business benefits aren’t the same as product features. Showcase how your product will help the actual customer, and by highlighting the most relevant expectations here, you will determine the reader to consider the possibility of investing.
Be persuasive, yet clear and transparent. Don’t use a promotional approach, but help the readers understand the main details that would make investing in your project a smart decision.
“Persuasive writing isn’t synonymous with promotional writing. The business-related white paper section should consist of accurate and insightful information, incorporating the data that grabs investors’ attention. A simple, yet compelling writing style is the way to go here” – says Emily Herrmann, technical writer at IsAccurate and Huffington Post contributor.
Include relevant details on your team
How would readers be able to gain trust in your project and product development abilities if they know nothing about the people behind the ICO? Talking about your team in the white paper is thus extremely important.
Who are the faces behind this launch? Investors want to learn about your team’s experience, education and preferably, a proven track record as well. The higher the value your team has, the more lily you are to attract investments. The best writing method for this section is to treat the team description as an open resume. Give readers all the information they need to figure out if the people working on the project are actually up for the task. What you choose to include here can impact the appeal of the entire document.
Explain how the capital will be distributed
Tell interested investors how you will be using their funds. Readers should have an idea of how the capital will be spent. You don’t want any suspicion to be raised in regards to how the budget will be spent, so clarify things properly and explain how you will be segmenting the funds. This will give investors peace of mind knowing their money is going towards the actual project and not in your own personal account.
Since the ICO boom, the cryptocurrency and blockchain market has continuously developed, and a variety of new products have appeared. Perhaps you believe your ICO exceeds the success of the projects presented by now, but in order to illustrate your strong beliefs here, you should excel at white paper writing. Use the guidelines above to create a document that supports your future Initial Coin Offering success.