Blockchain, the word seems to be thrown around a lot recently. Just alongside the words like “crypto” and “ICO”.
So, what are all these words that we don’t know, yet seem to be something extremely important these days?
Before we get into the translation of it all, let us first take a look at what these terms mean.
What is Blockchain?
A Blockchain is much like a simple ledger of translation, only that it is digital. It consists of transactions that are not restricted to just money but can also involve the exchange of data or any other valuable thing.
A Blockchain has the power to revolutionize the way businesses are conducted.
In simplified words, it is a digital spreadsheet that can be accessed by multiple computers. It merges the security offered by cryptography with the decentralization and openness of the internet.
A Blockchain collects data and stores them in the form of blocks. These blocks are then stored, distributed, and updated regularly.
What is Initial Coin Offering (ICO)?
Do you know what an IPO is? It stands for Initial Public Offerings. It refers to the process of making the shares of a private company available to the public for the first time.
ICO works pretty much the same way. Except instead of shares, the investors are given tokens. This is the modern way of crowdfunding using Blockchain.
This is how it works:
- An ICO business will issue a few cryptocurrency tokens of their own
- Investors will pay for those tokens using other cryptocurrency or plain money
The difference in the IPO and ICO lies:
- ICO does not represent any shares in the company itself
- The value of the token may fluctuate
How Do ICO Whitepaper Fit in All This?
An ICO whitepaper is simply like any other white paper, it contains all the valuable and critical information about your ICO. It covers both, the financial aspect as well as the technical aspect.
An ICO whitepaper is a very powerful and effective marketing tool. It can be used to communicate with potential investors.
Why is there a Need to Translate ICO Whitepapers?
If your goal is to entice potential investors all over the world, there is no tool more influential than the whitepapers.
Like any other business, if you want a successful ICO then the answer lies in broad reach.
Thus you need to expand your scope to reach as many potential investors as you can.
The way to make sure that you cover maximum target bases is by reaching out to multiple regions all at once. But what is the use if they cannot understand? The whitepaper needs to be in a language that they can fully understand.
If you stay restricted to English-only policy, then you are only reaching out to about 20% of the target market. It is even less than a quarter.
People who might not speak or understand English may become your star investors, and you will be missing out on a big opportunity. So if you want to cater audience from all over the world, it is essential that the whitepapers are translated in their language.
In the most simplified words, if you want your ICO launch to be a huge success, then you need to have your whitepapers translated into the different languages of the different regions. While physical boundaries may not be a problem anymore, the language barrier still is. And unless you somehow break through it, you cannot catch the attention of the foreign investors.
The best way to make it effective is to strategize your translation. Decide the target markets that you want to prioritize and then look into the languages that you need to translate your whitepaper in.
How to Get It Done?
Now that we have established the importance of ICO whitepaper translation, the question of how it must be done arises. There are three possible options to have that done.
Machine Translation: it is the easiest and the most convenient way. It is also very cost-effective. However, it may not be a good idea for translating a whitepaper that you plan to use to pitch to your investors. It translates word-for-word and most time the sentences stop making any sense. It also has trouble translating idioms and terminologies,
Freelancer: this is also another cost-effective way. And is definitely a better option than a machine translation. You get a human translator at a very reasonable cost.But it may not be the best option if you are looking for consistent quality and quick turnaround. A freelancer may have other clients, so you may not be the priority.
Translation Company: this is the most recommended option. It ensures professionalism, quality, and speed. And for a document that is to capture the audience worldwide, you shouldn’t go for anything less.
Why Choose a Translation Provider?
It is the best and most recommended option among the three. Here is why.
Accuracy and Specialization
In a field as technical as the ICO, one cannot translate without specialized knowledge. A translation service provider ensures that the translator on your project has the necessary knowledge to translate your whitepaper with accuracy.
With a professional service provider comes the promise of quality. They have certified translators that ensure high-quality translations while also preserving the meaning, style, and tone of the original document.
The way a translation provider works is by dedicating a team only to your project. This means that there is consistency in everything including the turnaround, quality, and expertise of the translators.
The success of your ICO launch is dependent upon the potential investors it can reach, and the majority of the investors do not speak English. To make sure that your launch doesn’t suffer because of the language barrier and you reach out to as much audience as possible, translation is necessary.
Just translating is also not enough, it has to be consistent, professional and high quality. For which, it is best to hire a reputable professional translation service provider.