I agree with Brian about the Cashew application. Natural Japanese stones are sedimentary in nature, created in layers of dust (mostly volcanic) falling from the sky into the ocean or lakes and settling as silt. When using the stone to sharpen, water dribbled down the sides tends to cause the bonds between these various layers, as well as at cracks, to separate. Cashew or lacquer helps to prevent water from soaking into a stone's sides reducing this tendency to separate. I lost a significant portion of a decent stone to this problem once.
Applying paper to the sides is a trick I have never used, nor do I know anyone that does it. There is a fellow named Chiga that teaches sharpening at the Kezuroukai that advocates it. It couldn't hurt.
He uses a paper called "washi" meaning "Japanese Paper," made from mulberry tree fibers. Are far as paper goes, washi is said to be the strongest made from natural materials. Idunno.
He attaches it to the sides of his stones with PVA glue, then topcoats with natural clear lacquer, which has an reddish amber color. In the pictures I have pasted below, he used washi that had calligraphy or other images printed on it for an interesting appearance.
Stan
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