For those of you who don’t know what a white paper is, let’s get this one straight. A white paper is an authoritative report that informs the readers succinctly about a complex issue. It allows businesses to explain themselves to the readers and inform them about a problem in the market and offer a credible solution for the same.
An ICO whitepaper plays a critical role in the success of every ICO and distinguishes legit ICOs from the fake ones. Remember that the purpose of your white paper is to inform the reader about your project. So it should not have the slightest aspect of a sales pitch, although you are selling the readers an idea. The success of any project depends on several factors, like the amount of investment that the project managed to pool in, audience engagement, and the overall management of the ICO. However, a well-written white paper for ICO can often determine how the project will unfold, right in the initial stages of the ICO. The following points will tell you why.
- A whitepaper highlights the existing problem: Why would anybody be interested in your project until it addresses a genuine issue? And if nobody wants to hear what you are talking about, better find yourself a much benevolent ‘Uncle Sam’ to see through your investment needs. Also, a document that only introduces a problem without offering a viable solution won’t find too many takers. A well-written ICO whitepaper not only addresses a genuine issue in the market but also provides a workable solution to fix that problem. A white paper, therefore, builds trust between you and the potential investors that the solution you are suggesting will work, and the project will grow exponentially in the coming years giving everyone a fair share on their investments.
- A white paper is a reflection of your company’s philosophy: A white paper is an embodiment of the company’s philosophy, economic viability, and rationality. The roadmap that the company proposes to achieve its objectives reflects how the company perceives its aim. I have been a part of several ICOs, and I have learned something from each one of those. Believe it or not, any veteran investor worth their salt is capable of gauging the legitimacy of an ICO project by merely looking at the timeline proposed in the document. A well-written white paper for ICO conveys the organization’s message. It throws light on the company’s philosophy, which consequently determines the customers’ decision to invest in the project.
- The ICO whitepaper identifies the core team and their track record: Would you ever trust someone with your money in accomplishing a specific set task if you have no clue about that person’s qualifications? Well, I guess we all know the answer to that one! Similarly, every investor would be circumspect in trusting a project that has got no known names in the cryptocurrency niche. A fantastic team can pull off an average idea. Also, the best of the ideas and business plans are bound to fail when entrusted with a below-average team. Potential investors will want to know whose responsibility it will be to bring to fruition the ideas mentioned in your project. Your white paper for ICO is one place where you can give a detailed account of the core team that will manage the project. It will provide the readers with sufficient insights into the previous projects that your team has handled.
- White paper generates publicity: A closely knitted piece of informative document educating the readers about a market problem and proposing a viable solution is cool. Naturally, people will want to know more about it, thereby, bringing in more positive publicity. You might have seen upcoming ICOs building and managing large communities on platforms like the Telegram and Discord. These followers may not all necessarily invest in these projects, but they create the much-needed hype around these ICO projects so that genuine investors can come to about these projects. Where do you think ICOs managed to earn these followers on community management platforms? Well, these are all ‘gifts’ from their white papers. Thus, an impressive white paper for ICO acts as an effective promotion for the project to attract investment.
- An ICO whitepaper attracts investments: The ultimate objective of the white paper is to attract investments which will propel the project to move forward. A document with powerful and compelling words, thoroughly backed by data and statistics, is the perfect recipe to gain traction among potential investors. Through my years of experience, I can guarantee you that there is nothing more challenging than selling an abstract item to a person. Expecting people to throw in their money that isn’t ready yet is overwhelming. Your white paper is your only shot to making people see the potential of your project and persuading them to pool in their money. Everything else like marketing or community management comes later when the white paper has already made its mark on the readers.
In a world where new ICOs keep propping up every other day, your white paper is the only thing that sets you apart from your competitors. Your white paper determines your product’s unique selling point. Thus, it is essential that you have an impressive and compelling white paper giving out details regarding your ICO project. If you find yourself inept at creating such a white paper, hire an ICO white paper writer. Or if yours is a large corporation, you can also hire an agency that provides ICO white paper writing services. Do whatever suits your needs and budget, but get this one right as your white paper can become the cornerstone to your success.
Now that you know how important is your ICO whitepaper for your ICO’s success, stay tuned to our blogs next Wednesday to find out 5 things you should bear in mind while writing an ICO Whitepaper.