Menu
ProductCoinsSecurityPricesCrypto 101Tools & guides
Open wallet ↗

Crypto 101 · Research papers

White-paper-style analysis. Supply and demand, cited to primary sources.

3 min read21 primary sourcesBitcoin live priceEthereum live priceSolana live price

Crypto 101 · Research papers

A Reader's Guide to Crypto Whitepapers and Protocol Specifications

Scrypt Wallet Research · Updated 2026-09-30

Abstract

Many projects publish a whitepaper or specification, and reading them is the best way to know what a token actually promises. This guide summarises the core technology of a set of well-known protocols, classifies each by consensus mechanism and issuance stance, and links to the primary source. It is a map, not a substitute for the papers.

Keywords: whitepaper, consensus, Ouroboros, Proof of History, CryptoNote, GHOSTDAG, protocol specification

1. How to read a paper

Read for three things: how new units are created, who is allowed to change that, and what the network needs to keep functioning. Whitepapers state intent; specifications and source code state rules. Where a project has no formal paper, its code is the paper.

A two-by-two grid placing protocols by consensus (proof of work; proof of stake and hybrids) and by issuance stance (capped or declining; perpetual or adjustable).Capped or declining issuancePerpetual or adjustable issuanceProofof workProof of stakeand hybridsBitcoinLitecoinhalving schedules, fixed capsDogecoinMoneroconstant issuance, tail emissionSolanainflation declining toward along-term rate (parameters can change)EthereumInternet Computer, Fluxissuance, burns or caps set by governanceSimplified placement; see each paper for the detail and its caveats.
Figure 1. Where the protocols in this guide sit. Rigid issuance is more common on proof-of-work chains, but Dogecoin and Monero show that it is a governance property, not a requirement.

Table 1. Protocols and their stance. Consensus and issuance descriptions are simplified; follow the citation for detail.

ProtocolPrimary sourceConsensusIssuance stance
BitcoinWhitepaper [1]Proof of workCapped; halving schedule [2]
LitecoinAnnouncement and code [3, 4]Proof of work (Scrypt)Capped at about 84 million
DogecoinSource code [5]Proof of work (Scrypt), merge-minedUncapped; constant 10,000 per block
PeercoinPPCoin paper [6]Hybrid: proof of stake plus proof of workDescribed in the paper
EthereumWhitepaper [7]Proof of stake since 2022 [8]Flexible; issuance plus a burned base fee [9]
SolanaWhitepaper [10]Proof of stake with Proof of HistoryInflation schedule set by parameters [11]
CardanoOuroboros paper [12]Proof of stakeSee the paper and current documentation
MoneroCryptoNote paper [13]Proof of workMain emission then tail emission [14]
ZcashProtocol specification [15]Proof of workSee the specification
KaspaPHANTOM paper [16]Proof of work, blockDAGFixed maximum; see documentation
FluxWhitepaper [17]Proof of Useful WorkDocumented emission and maximum
Internet ComputerPapers and docs [18, 19]Subnet-based protocol with on-chain governanceDynamic: minted and burned

2. Summaries

Bitcoin. Peer-to-peer electronic cash secured by proof of work, in which nodes agree on a chain of blocks by accumulating work [1].

Litecoin. A Bitcoin-derived chain with faster blocks and Scrypt as its work function [3]; it also has an optional confidential-transaction extension, MWEB [20].

Dogecoin. A Scrypt chain with constant issuance and merged mining with Litecoin [5, 21].

Peercoin. The 2012 PPCoin paper proposed a proof-of-stake scheme in which stake-based minting provides most of the security, with proof of work used mainly for initial distribution [6].

Ethereum. A general-purpose programmable ledger, described in 2013 as a platform for currencies, contracts and applications [7], which moved to proof of stake in 2022 [8].

Solana. A high-throughput chain that adds a cryptographic clock, Proof of History, to a proof-of-stake consensus so that validators can agree on ordering quickly [10].

Cardano. Built on Ouroboros, a proof-of-stake protocol with formal security proofs, in which the right to produce blocks is assigned by stake [12].

Monero. Based on CryptoNote, which uses ring signatures and one-time addresses so that senders and recipients are hidden by default [13]; after its main emission ended it adopted a permanent tail emission [14].

Zcash. Uses zero-knowledge proofs to allow shielded transactions on a proof-of-work chain; the protocol specification is the authoritative reference [15].

Kaspa. Uses a blockDAG rather than a single chain, ordering parallel blocks with the GHOSTDAG protocol described in the PHANTOM paper [16].

Flux. Combines mining-based issuance with collateralised FluxNodes that host applications; see the Flux paper.

Internet Computer. Runs canisters across subnets with governance by an on-chain nervous system; see the Internet Computer paper.

3. Using the guide

For any asset you hold, find its table row, open the primary source and answer the questions in the supply-and-demand framework. If a source is missing or vague, that is itself a finding.

Related

Live data: Bitcoin price · BTC to USD · Ethereum price · ETH to USD · Solana price · SOL to USD

Keep reading: What Is a Blockchain? A Plain-English Guide

References

  1. Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. Whitepaper. https://bitcoin.org/bitcoin.pdf
  2. Bitcoin Core developers (2009). GetBlockSubsidy (src/validation.cpp). Bitcoin Core source code: the consensus rule for the block subsidy (50 coins, halved every nSubsidyHalvingInterval blocks). https://github.com/bitcoin/bitcoin/blob/master/src/validation.cpp
  3. Lee, C. (coblee) (2011). [ANN] Litecoin - a lite version of Bitcoin. Launched!. Announcement thread, Bitcointalk, 9 October 2011. https://bitcointalk.org/index.php?topic=47417.0
  4. Litecoin Project (2011). chainparams.cpp. Litecoin Core source code: main-net consensus parameters (halving interval 840,000; 2.5-minute target spacing). https://github.com/litecoin-project/litecoin/blob/master/src/chainparams.cpp
  5. Dogecoin Core developers (2013). GetDogecoinBlockSubsidy (src/dogecoin.cpp). Dogecoin Core source code: a constant 10,000 DOGE per block once the chain passes 6 halving intervals (block 600,000). https://github.com/dogecoin/dogecoin/blob/master/src/dogecoin.cpp
  6. King, S., & Nadal, S. (2012). PPCoin: Peer-to-Peer Crypto-Currency with Proof-of-Stake. Whitepaper (later renamed Peercoin): a hybrid design in which proof of stake provides most of the security. https://archive.org/details/PPCoinPaper
  7. Buterin, V. (2013). Ethereum Whitepaper: A Next-Generation Smart Contract and Decentralized Application Platform. Whitepaper (maintained at ethereum.org). https://ethereum.org/en/whitepaper/
  8. ethereum.org (2022). The Merge. Ethereum roadmap documentation: the transition from proof of work to proof of stake. https://ethereum.org/en/roadmap/merge/
  9. Buterin, V., et al. (2019). EIP-1559: Fee market change for ETH 1.0 chain. Ethereum Improvement Proposal introducing the burned base fee. https://eips.ethereum.org/EIPS/eip-1559
  10. Yakovenko, A. (2017). Solana: A new architecture for a high performance blockchain. Whitepaper introducing Proof of History. https://solana.com/solana-whitepaper.pdf
  11. Solana Foundation (2024). Inflation Schedule. Solana developer documentation: initial inflation rate, disinflation rate and long-term rate. Governance proposals (SIMDs) may change these parameters. https://github.com/solana-foundation/developer-content/blob/main/docs/economics/inflation/inflation-schedule.md
  12. Kiayias, A., Russell, A., David, B., & Oliynykov, R. (2017). Ouroboros: A Provably Secure Proof-of-Stake Blockchain Protocol. CRYPTO 2017; IACR ePrint 2016/889. The protocol behind Cardano. https://eprint.iacr.org/2016/889
  13. van Saberhagen, N. (2013). CryptoNote v2.0. Whitepaper, the protocol Monero is based on (annotated copy hosted by the Monero project). https://www.getmonero.org/resources/research-lab/pubs/whitepaper_annotated.pdf
  14. Monero Project (2022). Tail Emission. Moneropedia: a permanent 0.6 XMR per block after the main emission ended (block 2,641,623, June 2022). https://www.getmonero.org/resources/moneropedia/tail-emission.html
  15. Hopwood, D., Bowe, S., Hornby, T., & Wilcox, N. (2016). Zcash Protocol Specification. Technical specification (continuously updated). https://zips.z.cash/protocol/protocol.pdf
  16. Sompolinsky, Y., & Zohar, A. (2018). PHANTOM: A Scalable BlockDAG Protocol. IACR ePrint 2018/104; the paper containing GHOSTDAG, on which Kaspa is based. https://eprint.iacr.org/2018/104
  17. Flux (RunOnFlux) (2024). Flux Whitepaper. Official whitepaper site. https://whitepaper.app.runonflux.io/
  18. DFINITY Foundation (2022). The Internet Computer for Geeks. IACR ePrint 2022/087; technical overview of the Internet Computer protocol. https://eprint.iacr.org/2022/087
  19. DFINITY Foundation (2024). Network economics. Internet Computer documentation: ICP, cycles, neurons, voting rewards, node rewards. https://docs.internetcomputer.org/concepts/network-economics/
  20. Litecoin Project (2021). Litecoin Improvement Proposals (LIPs). Repository of Litecoin improvement proposals, including the MimbleWimble Extension Blocks (MWEB) specifications. https://github.com/litecoin-project/lips
  21. Dogecoin Core developers (2013). chainparams.cpp. Dogecoin Core source code: 60-second target spacing; AuxPoW (merged mining) effective from block 371,337. https://github.com/dogecoin/dogecoin/blob/master/src/chainparams.cpp

Common questions

Do all cryptocurrencies have a whitepaper?

No. Some, such as Dogecoin and Litecoin, are documented mainly through source code and announcements; the consensus code is the authoritative statement of their rules.

Which source should I trust most?

Prefer the protocol's specification and source code for rules, and the whitepaper for intent. Marketing pages and third-party summaries are the weakest evidence.

General education, not financial, tax or legal advice. Figures are schematic. Protocol parameters are cited to primary sources and can change; verify against the linked source before relying on them.