Create a Setup Guide

CONTRIBUTING.md

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+# Development Setup Guide for Erlang Repository
+
+## Introduction
+Welcome to the Erlang Repository! 🎉
+
+This guide aims to assist contributors in setting up their local development environment. Feel free to suggest improvements or raise questions in your contributions.
+
+## Pre-requisites
+
+To work with this repository, you'll need the following tools and dependencies:
+
+- **Erlang/OTP Version** :
+
+- We support the latest major release plus the prior two releases, aligning with Ericsson’s version support policy for Erlang itself.  
+- For a definitive list of supported versions, refer to the [erlang.yml](.github/workflows/erlang.yml) file in this repository.  
+
+If using the Elixir API:  
+
+* Elixir 1.14+
+
+* For a definitive list of supported versions, refer to the [erlang.yml](.github/workflows/erlang.yml) file in this repository.
+
+* Refer to the official [Erlang Installation Guide](https://www.erlang.org/downloads) for setting up Erlang.
+
+## Contribution Rules
+Please review the [OpenTelemetry Specification](https://opentelemetry.io/docs/specs/otel/) for details on coding standards, commit message formatting, and the contribution process.
+
+## Further Help
+
+* If you encounter any issues or have questions, feel free to open an issue or reach out to the maintainers.
+* Join our [slack](https://cloud-native.slack.com/archives/C01N75YMZCN) channel also for further help and discussions