“Bitcoin Silver combines the revolutionary power of cryptocurrency with the speed of the Ethereum network to extend it’s [sic] accessibility and use value to the rest of the world.” So stutters the cover notes for one of the 300+ crypto white papers published this year. With more ICOs than there are writers qualified in the field, it’s no wonder their academic quality has plummeted. The white paper, as a pitch model, is dead. The question is: what should replace it?
Drowning in a Bukkake of White Papers
As Wikipedia explains:
A white paper is an authoritative report or guide that informs readers concisely about a complex issue and presents the issuing body’s philosophy on the matter. It is meant to help readers understand an issue, solve a problem, or make a decision.
To many blockchain startups, however, the white paper is little more than the preamble to an adult movie; an inconvenience that’s destined to be skipped. Impatient investors, looking to flip tokens for an easy 2x, don’t care about problem statements and explainers on the untapped market for cryptocurrencies – just show them the token model.
Nevertheless, the format persists as the thin veneer of respectability that even the most dubious of ICOs must come wrapped in. “Course it’s not a scam bro. Did you not read the white paper? We’re creating a revolutionary decentralized ecosystem with its own governance model, and we’re gonna bank the unbanked billions globally”…