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People working in the cryptocurrency industry are highly aware of the value that white papers hold for their businesses, as the white paper holds the key to attracting potential investors and clients. Given the immense importance of writing a good white paper, what efforts do crypto companies take in hiring a writer? Is it as sunny as it seems from the outside?
What does it take to be a white paper writer? And lastly, are these people actually making the kind of money that is being portrayed outside? Let us delve deeper into the world of white paper writers and try to find an answer to these questions.
Hiring a White Paper Writer
If you think that white paper writers are technically proficient, then you may be wrong. According to an investigation by Decrypt, a large number of companies outsource their work to contractors. These contractors then hire writers who can deliver the right content. Being technically skilled is not necessarily a criterion for being a writer working under these contractors.
Although some writers are freelancers, a large chunk of these writers work with private white paper contractors. Writing a white paper is a cumbersome task as it can even take around eight months to finish one such paper (although it probably takes much less). A writer can get paid anything between $1,000 to $50,000. Most of these writers find their employers on LinkedIn, Upwork, Facebook and other social media websites.
Do Writers Love What They do?
Writers in this domain are mostly happy because they have witnessed a spike in the demand for white papers, and accordingly, a surge in their payment too. This is one more reason to believe that the crypto industry is showing a resurgence which was long overdue.
One of the reasons why writers are sometimes unhappy is that they are required to exaggerate facts and figures to increase the hype and consequently the inflow of investments. These claims and numbers are not necessarily true. Most writers work on their own and face an alarming degree of laziness from the company by which that they are employed.
What Goes On Behind Closed Walls?
One of the writers interviewed by Decrypt, Adefemi Adegoke, mentions that a project worth $180K could be fabricated to reach figures as high as $450K. He further adds that most of these frauds take place in the obscure “miscellaneous expenses” section of the budget, and these additional funds go directly into the pockets of CEOs and CTOs.
This claim is further supported by Volodymyr Malyshkin, the CEO of the white paper provider firm Illuminates, who claims that apart from inflating the figures, most crypto startups simply want to attract investors using the word ‘blockchain.’ These startups are clueless about their business model, and often white paper companies create an entire business model on their behalf.
Writers or Kingmakers?
In the interview with Decrypt, an anonymous American writer mentions that it is a case of ‘calculated cynicism.’ He explains that a white paper these days is simply a consulting package for a group of people to raise money. To put it simply, these startups pay the least attention to what’s in the paper as long as it is able to fetch them money. Some startups even ask writers to copy the exact business models of existing patented technologies.
Hassan Saeed, a contractor who claims to be the writer for KuCoin, a $32 million exchange and cryptocurrency, explains that sometimes writers have to be poetic in their approach and create subjective descriptions which do not necessarily mean a thing but adds to the overall impact.
At the end of the day, writers end up writing white papers for projects that aren’t even feasible. Some of these projects make little sense to the writers, but they simply follow the instructions given to them. It all boils down to the money that startups are willing to pay for their white paper.
Adegoke ends by saying that he will even write for ‘crappy’ crypto projects if they pay well. Malyshkin reiterates the thought by stating that they would never say no to a company that needs a white paper as no idea is stupid.