Role of White Paper in smart contract formation within ICO (IEO, IDO)

Abstract

One of the primary issues for blockchain’s widespread adoption in society is the issue of applying traditional contract law to smart contracts. This is because certain elements of contract law are not fully adapted to the formation of agreements with the blockchain. White Paper, which is widely used in other procedures for the placement of digital assets (ICO, IEO, IDO) can serve as an appropriate instrument to explain blockchain code in valid legal manner. This article investigates the interaction between law and software by means of White Paper. According to the author, approaching a White Paper and program code as a unified concept could solve many practical problems, including the creation of a clear model of ICO smart contract formation, determination of the time of ICO smart contract conclusion and ensuring consistency between the White Paper and contract law requirements for the proper structure of contracts.