A document outlining the purpose of a coin and the (technical) solution it provides. The first whitepaper was for Bitcoin and later a whitepaper became a legal requirement for an ICO. Whitepapers vary from seminal breakthroughs in the case of Bitcoin to complete nonsense in the case of most 2017 era ICOs.
Degen 1: “I heard that girly is a crypto millionaire. Is she a technical prodigy?”
Degen 2: “No, she just spent an hour writing a white paper then shilled it on Twitter.”
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