Not Every White Paper On Crypto Is Generating The Same Interest, Why?
There is an increasing trend that investors and traders are not showing the same kind of interest on every white paper involving cryptocurrencies. The document is a key factor in driving the investment community to see reason as to why the particular idea or ideas are good enough for the transformation process. It has been a decade since Satoshi Nakamoto has uploaded a digital framework for the first time without any need for centralized banks. That has led to the creation of bitcoin and its platform, blockchain.
Too Eager To Claim Ideas
University of Chile’s computer scientist, Alejandro Hevia, thinks the issue of lack of trust is mainly due to people too much of eagerness to claim that they have new ideas. He said that he never thought that the concept of digital currency would work when he heard about bitcoin for the first time, wired.com reported. Of course, he was not the only one to have such an opinion, and there were several other experts from the tech world having a similar opinion.
Currently, there are more than 1,600 digital coins that are listed in different cryptocurrency exchanges in the world. It is quite natural to expect that every one of them has released their own white paper indicating why they needed the financing support for their projects. It is also an oft-repeated stance among the inventors of such white papers to not only defend their ideas but also claim that theirs is superior to the previous one. This is aimed at merely attracting investors, who mostly fall prey to such claims.
In any case, a white paper should have a formal vetting, and the stage has reached where it is difficult to see the level of quality that Nakamoto has achieved. Though he has uploaded a PDF document in a loosely-moderately site, he did not publicize his concept in any of the customary channels, be it on arXiv or conferences focused on cryptos. Significantly, he has uploaded in a site that most of computer scientists’ use for sharing their new ideas before any review from peers.
Reacting to this method, Cornell University’s computer scientist, Emin Gün Sirer, commented, “It set the stage for people afterward – that it’s ok to write stuff on your own, put it on your website, and let the world see it.” In the absence of any formal vetting, some of the white papers are termed as outright scams due to lack of logic behind it.
Will Not Pass Scrutiny
While referring to the quality, sirer pointed out about pseudo-technical language that fails to stir up any interest among investors. As a result, these papers face the danger of passing the scrutiny test among the scientists.
University of Pittsburgh’s Christ Wilmer, who also edits an academic journal of Ledger, disclosed that his magazine is getting at least two to four white paper in a week. He indicated that most of them could not even pass through the peer review. He thinks that “When you tell somebody you have this great idea, you already cast suspicion on yourself if you might have financial gain.” Therefore, there is a need for a middleman to advise investors though the concept of blockchain is to remove it.