What Is a Whitepaper?
A whitepaper is a document that provides an explanation of the purpose and technology behind a project.
It typically contains statistics, diagrams, and factual information to convince potential investors to invest in the cryptocurrency.
Creating a whitepaper is a crucial step for a crypto startup to establish credibility and professionalism. It allows investors to understand the unique aspects of the business in comparison to its competitors.
Whitepapers are different from litepapers, which are shorter, less technical, and easier to understand.
One of the most well-known cryptocurrency whitepapers is undoubtedly Bitcoin: A Peer-to-Peer Electronic Cash System, which Satoshi Nakamoto published in 2008.
The Bitcoin whitepaper presented the following:
- A peer-to-peer (P2P) system for making payments over an online network
- The removal of third parties in favor of decentralized verification
- Transactions that cannot be reversed
- A P2P distributed timestamp server that would provide mathematical proof of the order of different transactions
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