The Gossip Stone, also known as a Sheikah Stone1 is a reappearing feature in the Legend of Zelda series. These mysterious stones can give Link advice and background information on many things, including information about sidequests. These stones are often associated with the Sheikah tribe, as the typical Gossip Stone has the Sheikah Emblem carved into it. The Gossip Stones serve as the ears and eyes of Hyrule and Termina.
Not much to say about the design. It’s pretty straighforward, and the only problem you might encounter is to close the bottom when you didn’t cut it out right. I wouldn’t recommand using bombs near it though. This Paper stone isn’t really resistant against explosions. Well, have fun!
By Xenonray, info from Zeldapedia