S4B Crypto Contest - Season 17

Hello guys,
It's another beautiful day of the week and im so delighted to share my participation in the contest organized here in this community by @waqarahmadshah on the topic whitepaper. This is an aspect that everyone within the crypto space must have an idea about because it is essential when investing in any cryptocurrency.

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What is a cryptocurrency whitepaper?

When we talk about cryptocurrency white paper, we are referring to that document which is designed by cryptocurrency project owners or founders and is purposely designed to give a detailed overview of the project.

This white paper always serves as a guide to everyone going into the project as they are going to be reading through the mission and vision of the project as well as the road map of the project.

Moreover, the white paper is a tool that the project owners use to educate users and investors about their project and how it will work. Majorly, this white paper is mostly in use when a new cryptocurrency is about to be born or when people want to invest in an asset.

So the white paper serves as a guide to you as an investor so that you will know the type of project you are going into and if the project has a vision or not. The white paper is an important aspect of any cryptocurrency project.

How long should an ideal cryptocurrency whitepaper be?

Talking about how long an ideal cryptocurrency white paper should be is like asking how long should the cryptocurrency be. In my opinion, as long as the cryptocurrency exists, the white paper must also exist. As you know, a white paper is not only useful before the launching of an asset, but it is also useful after the launch because people will still want to know about the project before investing in it.

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If that is correct then I believe we need to always keep the white paper alive and useful at all times. Since the asset is still in existence, people will always go around making sure that they invest in the asset and to do that they must ensure that they read through the white paper.

So White paper ideally should be relevant for as long as the crypto asset exists. To this moment, I still read through the Steem white paper because I get educated daily about how the Steem token and the Steemit platform work. The same goes for other cryptocurrency projects like Bitcoin, Ethereum, etc.

Should a whitepaper include information about the team behind the project?

Yes, a white paper must include the details of the team behind the project as this is because most times, people who want to invest in a certain project always check the reputation and the credibility of the team behind the project before they can go ahead to invest in it.

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When the white paper doesn't have the details of the founders, people become scared of going into the project because over the years we have seen a lot of scams in different projects whose owners' reputations are questionable.

When a white paper has the information of the team behind the project, those who wish to go into the project will do their background check on the team and if they find them worthy enough they will invest but if they don't they will not want to risk their money.

So that is the main reason I think White paper must always carry the information of those who are behind the project. I want to invite a few friends to also join the contest today.

I invite @josepha, @solaymann, and @waterjoe to share their thought about this amazing contest today.