During the cryptocurrency boom in 2017, whitepapers became a popular way to get information out about a coin or token project. While tons of useful information could be crammed into a whitepaper, many projects simply did not understand the true purpose of a whitepaper and that lead to misguided use.
According to Wikipedia, "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."
Whitepapers have been grossly overused by cryptocurrency projects. It has been our decision at Southern Meridian, LLC to deprecate the whitepaper use in our business model for the MoviToken project.
MoviToken was created as a community currency for the independent film community. We concluded that there is no industry/market need to apply our resources to manage/update a scientific paper to break this concept down. MoviToken is also the collateral for P2P loans on the upcoming MoviLine Relayer. Again, there is no need for resources to be expended on a whitepaper for this when resources have already been applied toward more useful material, such as video instructional guides and web development for this part of our business. A whitepaper simply cannot compete.
However, we do recognize the importance and significance of whitepapers and feel that cryptocurrency projects like proprietary/new blockchains, new and different exchange models, securities projects, tokens or coins with dividends must have whitepapers.
In summation, Southern Meridian, LLC recognizes that there is indeed a place for scientific analysis of cryptocurrency projects, but the use of a whitepaper for every project is an outdated, unnecessary practice and we will no longer apply our resources to manage/continually update a whitepaper for the MoviToken project.
Southern Meridian, LLC