How to Write a Cryptocurrency Whitepaper That Works
On 31st October 2008, Satoshi Nakamoto published the Bitcoin Whitepaper, which announced the blockchain revolution’s birth to the world. Since then, whitepapers have become a tradition for announcing new projects in the cryptocurrency space. Passing information about new ideas and justifying them has been their crucial role in the crypto industry, although some whitepapers also serve to raise capital.
In any case, every cryptocurrency and blockchain innovator needs to write a cryptocurrency whitepaper that meets the objectives. It is a crucial marketing tool, but how you present your concept in the document could determine whether the project succeeds or fails.
Know Your Target Audience
Before you begin to document your project, it’s essential to make clear your target reader. Most cryptocurrency whitepapers do not address a specific group but instead target a collection of both people and institutions. The project’s team can help identify the target audience and create their profiles based on the project’s solutions.
It could be cryptocurrency enthusiasts, developers who may use the technology, investors, or a business entity interested in the innovation. After identifying the target readers, you can gather their demographics to help you understand them better. It could be information such as their age, occupation, education level, and general interests.
If entities are part of your target readers, you will want to gather data such as the business’s size, the industry in which it runs, and its market. Such details are vital as they help you determine how to go about your cryptocurrency whitepaper localization. The audience is diverse with varying characteristics, so you need to ensure each target group can understand the concepts.
For instance, when talking to an ordinary crypto enthusiast on the streets, you will want to avoid the technical jargon when describing the project. On the other hand, executives of the companies you are targeting need to understand the idea and how best to solve their problems. You need to convey even the technical bits of your project for them to make a decision.
Understand the Goal of Your Whitepaper
If you are writing a whitepaper but do not have an exact goal in mind, you are as good as when you have none. A whitepaper can serve one or multiple purposes, including creating awareness, raising funds, or promoting a product or service. A good document will have defined, measurable, and relevant objectives within a specified timeframe.
Whitepapers for fundraising mean to invite investors to put their money into the project. Therefore, the whitepaper should present the project in a way that will make potential investors prioritize it. Ensure the document captures essential details such as the amount you intend to raise, how many investors and by when, and the potential returns.
If the whitepaper is meant to create awareness about new technology, the writer should ensure it captures all the technology’s details in question. Content marketing services can be quite useful for this goal, a whitepaper is necessary.
Satoshi Nakamoto’s Bitcoin Whitepaper falls in this category as a document meant to create awareness about blockchain technology’s birth. Individuals and entities will be interested in how the innovation adds value to their life, so the document should clearly outline the problem it solves for the community and how it does it.
Documents meant to promote products or services should also focus on the product features and benefits that make them unique. However, the writer should avoid being too promotional. The message can describe the current problem the audience is facing and how the product or service is the solution.
Choose the Best Writers
The ideal case would be the technical team behind the project jotting down the whitepaper. The team understands the critical aspects of the project and is least likely to miss a detail. However, they may lack the skills to draft a quality whitepaper and do not understand writing rules.
Also, the developers may not have enough time to focus on writing the document. Project developers seek the assistance of professional writers with enough skills and experience in drafting compelling whitepapers. It is probably the best way to go if the technical team cannot handle the document.
However, you should ensure they get every detail about the project by allowing them to be part of the team’s meetings and ask questions. You can ask the team to be cooperative and accommodative even when the answers seem obvious. Assigning one or two individuals from the team to assist the writer and give guidance where necessary will also go a long way.
Decide the Appropriate Format/Structure
The arrangement and flow of ideas in a document significantly impacts the understandability of your message. A good whitepaper will have the right points at the right place within the piece. You can find different whitepaper formats and look for one that augurs well with your content.
Some formats include Features-Advantages-Benefits and Before-After-Bridge. The Features-Advantages-Benefits structure is best when your project aims at providing a solution to an obvious problem that your audience comprehends.
It starts with the solution’s features as the first section, or introduction, discussing details such as the architecture and processes applied. The solution’s advantages come in the second section, describing its strengths, which give it the best chances of succeeding. The benefits come last in this structure and usually outline how the entire project impacts readers’ lives.
In the Before-After-Bridge structure, the whitepaper begins with the ‘Before’ section, explaining the current situation and its gap. The After section follows, where the document explains the ideal situation when the solution is applied. The Bridge section comes last, explaining how the project links the situation in ‘Before’ to ‘After.’
Other structures you could consider for your document include Problem-Agitate-Solve and Attention-Interest-Desire-Action.
The cryptocurrency industry is growing, and competition isn’t getting easier. Most crypto project developers know how much a whitepaper means for the project’s success, mainly if the document aims to raise capital like in an ICO.
I mean, no investor wants to risk their money in an unrealistic project! The whitepaper can make a difference between success and failure, so it is a critical stage in the process.
However, project teams can put together an excellent whitepaper that perfectly meets its goals by following the steps above and a little research. For further assistance on how to create awareness about your project, visit our services page to get started.