Put simply, a white paper provides a detailed description of a system architecture used in your project; the way it interacts with users.
Still, if you really believe you can do without a white paper, you run the risk of facing serious issues with performing standard ICO procedures.
As it was mentioned above, only a few potential investors will be ready to sink every cent in a business or coin offering lacking proper information on used technology and previous project members experience.
Both following your own way and answering tons of question provide you with a chance to gain useful experience and improve ability to understand project details better.
According to Andrew J. Chapin, an e-commerce and blockchain expert, the founder of Benja.co, and Ship Ninja projects, there’s a list of points common for all white papers.
All you need is a compromise: combine two options to get a catchy longread (academic research paper) full of comprehensively evaluated data (startup business plan).