Crypto Whitepapers Explained

Region: Europe
Dec 9, 2021, 12:00:00 PM Published By Wirex Team

What are crypto whitepapers?

When new crypto projects are launched, a whitepaper is released during its initial coin offering (ICO). In simple terms, a whitepaper is a document that details a project’s concept, roadmap and how it plans to grow in the future.

Whitepapers are a staple in crypto, but they’ve actually been around for much longer. The very first whitepaper originated from the British government around 100 years ago, and was created to inform the public about key decisions made by government agencies.

Fast forward to today, and whitepapers are used by many to inform investors about how a crypto project works, the technology behind it and how it stands out from competitors. It is essential for crypto start-ups to have a published whitepaper, as it is a key element that determines a project’s legitimacy.

What does a crypto whitepaper include?

Crypto whitepapers are packed full of information and are often around 25 pages long. But what do they typically include? We’ll give you the lowdown:

Bitcoin’s whitepaper turns 13

Did you know that Bitcoin’s whitepaper turned 13 this Halloween? First published on October 31st 2008 by the anonymous Satoshi Nakamoto, Bitcoin was the first decentralised cryptocurrency to offer a peer-to-peer online payment system without the need for a bank or financial intermediary.  It also proposed a solution to prevent double-spending by “hashing transactions into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work". In other words, transactions that are recorded on the Bitcoin network cannot be changed once they have been validated.

Despite initial scepticism, thirteen years of community support has made it one of the most profitable investments of the digital age. So much so, that it’s even considered to be “digital gold” by many, and despite its volatility, remains the top cryptocurrency with a market cap of over $1.17 trillion.

Crypto whitepapers are the first crucial step in attracting investors to a project. It is essential to provide as much detail as possible about the project and why its token is worth investing in. A well-written and detailed whitepaper is key to gaining investor interest, as well as ensuring a project’s success.

Introducing the New Wirex Whitepaper & Nereus

We’re delighted to announce the release of a brand-new Wirex Whitepaper. This document reaffirms our commitment to uniting the disparate worlds of fiat and cryptocurrency, reveals several new fintech and DeFi innovations and outlines an extensive overhaul of our native token, WXT.

You can find out more here.