10 tips on how to write a whitepaper for your blockchain project
Succeeding in promoting your own blockchain project is a real challenge. You need the proper background, including the right team of marketing and information technology specialists. One of the basic tasks that you need to face is writing a document which shows your vision, called a whitepaper. Whitepaper’s main purpose is to help investors make decisions. In this article, we’ll give you 10 tips on how to write the right text.
Get your copywriter, IT specialists, and advisers involved
Working on a whitepaper is often a challenge that the whole team needs to focus on. Involve a copywriter who can help you improve your text from the stylistic and grammatical side, engage programmers who know your project’s technical side the best. Let your team know early enough that you are gathering the strength to prepare such an important document – because to a great extent it depends on whether you will convince investors to your project. In addition to the team’s commitment, you can also think about the help of independent specialists in the ICO market and blockchain technology. Such an important text cannot be created alone, it is important to engage your whole team and preferably several pairs of eyes “from the outside”.
Make a preliminary plan
Split roles for the right team members and pre-plan how your whitepaper will look like. How long should the whitepaper be? Such a document does not have to be very extensive, sometimes only a dozen pages are enough, but you can’t just sit down and write it like a school essay “just to get it over with”. Remember that the whitepaper should be properly constructed. In the beginning, you need an abstract, which is an introduction that outlines the problem that your project will try to solve.
Introduce your idea
Present the idea of your project in a clear way. Show investors that your project solves specific problems and why your project stands out from the competition. If you’re a pioneer in a given idea, emphasize it. Remember to analyze the current market situation with specific arguments and examples. If you neglect to present your vision, it can greatly affect the discouragement of potential investors for investment.
Remember also to write in a formal language, but at the same time one that is understandable for the average John Smith – your whitepaper will be read not only by institutional investors but also by ordinary individual ones, often not quite familiar with the world of cryptocurrency and blockchain technology.
Prepare the appropriate layout
Whether you like it or not – people are visualizers and you’ll need a graphic designer who will help you with the preparation of your whitepaper. The easier it will be to read your text, the greater the chance that you will convince a given person to invest in your project – in particular, if it is a person who just started their adventure in the world of cryptocurrencies and ICO.
Describe your token
What is your token name, what is its abbreviation? On what blockchain was it based? How many tokens do you plan to issue, sell, what is your soft cap and hard cap? How many tokens do you spend on the bounty program, how much for the team, and how much for investors? These are the basic questions that readers expect to be answered.
Describe the team
It is very important that you keep your project transparent. Show that the team behind your project does exist. Do not just describe CEOs, but all team members. The more people, the better. Place links to LinkedIn profiles, prove that you have an experienced team who has the know-how on how to conduct a successful ICO. If your project has special advisers, also include information about them in the whitepaper.
Show that you are acting legally
Another question that investors want to be answered is where your company is registered and whether it works legally. Analyze regulatory issues in your jurisdiction. Is your project working according to the law? Investors will check this because nowadays, the cryptocurrency market is unfortunately full of scams. Show also that you act in accordance with the KYC / AML policy.
Present plans for the future, i.e. a roadmap
Remember to show investors an attractive vision of the future but at the same time one that does not “promise the moon”. Set specific dates for the goals that you can actually achieve. Remember that after collecting funds, you will be assessed on the basis of what you managed to accomplish.
Present how the capital will be distributed.
Specify exactly how you intend to share the collected funds. How much will you spend on the implementation of the project, how much on marketing, how much on employee payouts?
Write a disclaimer and risk warning
Although it may sound like anti-marketing advice, good practice in whitepapers is warning about the risks associated with investing in your project. For example, if you set up a cryptocurrency exchange, warn about potential hacker attacks. Write that you are not responsible for any losses that investors may incur if your project does not succeed.
Remember that a badly written whitepaper can destroy the reputation of your project. That’s why it’s so important for it to be professional, perhaps with some help from companies that specialize in this. It is very important that this text shows the core features of your project and your vision in a clear, understandable, and credible way.