diff --git a/cli/smartcontract/smart_contract.go b/cli/smartcontract/smart_contract.go
index 14d81da6b..0ae5e2585 100644
--- a/cli/smartcontract/smart_contract.go
+++ b/cli/smartcontract/smart_contract.go
@@ -1,6 +1,8 @@
 package smartcontract
 
 import (
+	"bufio"
+	"bytes"
 	"context"
 	"encoding/hex"
 	"encoding/json"
@@ -89,6 +91,10 @@ func NewCommand() cli.Command {
 						Name:  "name, n",
 						Usage: "name of the smart-contract to be initialized",
 					},
+					cli.BoolFlag{
+						Name:  "skip-details, skip",
+						Usage: "skip filling in the projects and contract details",
+					},
 				},
 			},
 		},
@@ -97,31 +103,40 @@ func NewCommand() cli.Command {
 
 // initSmartContract initializes a given directory with some boiler plate code.
 func initSmartContract(ctx *cli.Context) error {
-	scName := ctx.String("name")
-	if scName == "" {
+	contractName := ctx.String("name")
+	if contractName == "" {
 		return cli.NewExitError(errNoSmartContractName, 1)
 	}
 
 	// Check if the file already exists, if yes, exit
-	if _, err := os.Stat(scName); err == nil {
+	if _, err := os.Stat(contractName); err == nil {
 		return cli.NewExitError(errFileExist, 1)
 	}
 
-	basePath := scName
+	basePath := contractName
 	fileName := "main.go"
 
 	// create base directory
-	err := os.Mkdir(basePath, os.ModePerm)
-	if err != nil {
+	if err := os.Mkdir(basePath, os.ModePerm); err != nil {
 		return cli.NewExitError(err, 1)
 	}
 
-	data := []byte(fmt.Sprintf(smartContractTmpl, scName))
-	err = ioutil.WriteFile(filepath.Join(basePath, fileName), data, 0644)
-	if err != nil {
+	// Ask contract information and write a storm.yml file unless the -skip-details flag is set.
+	// TODO: Fix the missing storm.yml file with the `init` command when the package manager is in place.
+	if !ctx.Bool("skip-details") {
+		details := parseContractDetails()
+		if err := ioutil.WriteFile(filepath.Join(basePath, "storm.yml"), details.toStormFile(), 0644); err != nil {
+			return cli.NewExitError(err, 1)
+		}
+	}
+
+	data := []byte(fmt.Sprintf(smartContractTmpl, contractName))
+	if err := ioutil.WriteFile(filepath.Join(basePath, fileName), data, 0644); err != nil {
 		return cli.NewExitError(err, 1)
 	}
-	fmt.Printf("Successfully initialized smart contract [%s]\n", scName)
+
+	fmt.Printf("Successfully initialized smart contract [%s]\n", contractName)
+
 	return nil
 }
 
@@ -190,3 +205,58 @@ func contractDumpOpcode(ctx *cli.Context) error {
 	}
 	return nil
 }
+
+type ContractDetails struct {
+	Author      string
+	Email       string
+	Version     string
+	ProjectName string
+	Description string
+}
+
+func (d ContractDetails) toStormFile() []byte {
+	buf := new(bytes.Buffer)
+
+	buf.WriteString("# Storm specific configuration. Do not modify this unless you know what you are doing!\n")
+	buf.WriteString("storm:\n")
+	buf.WriteString("  version: 1.0\n")
+
+	buf.WriteString("\n")
+
+	buf.WriteString("# Project section contains information about your smart contract\n")
+	buf.WriteString("project:\n")
+	buf.WriteString("  author: " + d.Author)
+	buf.WriteString("  email: " + d.Email)
+	buf.WriteString("  version: " + d.Version)
+	buf.WriteString("  name: " + d.ProjectName)
+	buf.WriteString("  description: " + d.Description)
+
+	buf.WriteString("\n")
+
+	buf.WriteString("# Module section contains a list of imported modules\n")
+	buf.WriteString("# This will be automatically managed by the neo-storm package manager\n")
+	buf.WriteString("modules: \n")
+	return buf.Bytes()
+}
+
+func parseContractDetails() ContractDetails {
+	details := ContractDetails{}
+	reader := bufio.NewReader(os.Stdin)
+
+	fmt.Print("Author: ")
+	details.Author, _ = reader.ReadString('\n')
+
+	fmt.Print("Email: ")
+	details.Email, _ = reader.ReadString('\n')
+
+	fmt.Print("Version: ")
+	details.Version, _ = reader.ReadString('\n')
+
+	fmt.Print("Project name: ")
+	details.ProjectName, _ = reader.ReadString('\n')
+
+	fmt.Print("Description: ")
+	details.Description, _ = reader.ReadString('\n')
+
+	return details
+}