The weather crypto currency
Summary
A new ERC20 token to power the weather data economy
New approach in crowdsourcing weather data.
WeatherXM creates an entirely new weather data economy that rewards the people who deploy and maintain weather stations. We are currently implementing the WXM ERC20 tokenomics in Polygon dev net with a small closed user group.
Compatible weather stations with WXM miners will be rewarded for sharing local weather data based on a unique and fair algorithm. The rewards algorithm takes into weighted consideration among other dimensions the station’s location and quality of the transmitted data.
Location
For example, the weather miner from a rural location may earn more rewards compared to one situated in a densly covered area.
Quality of Data
Weather data will be validated against reanalysis and 3rd party data (e.g., from satellites). Overall quality assessment is based on weather and anomaly detection models.
Burn & Mint
Token Burn and Mint Equilibrium (BME)
Token Burn and Mint Equilibrium (BME)
The burn-and-mint equilibrium model is the WXM token economic structure used by the WeatherXM network. This model utilises a mechanism by which tokens bought for the use of data by 3rd party services are removed (burnt) from the total circulation.
As the Weather network grows in usage and more tokens are being consumed by our marketplace, circulation supply decreases by burning the equivalent amount of WXM tokens resulting in an increase in WXM token value. The reverse occurs if usage decreases, thus creating a dynamic to bring the network to an equilibrium.
Minting & Supply
WXM token minting and circulating supply
Each day WXM tokens will be minted by WeatherXM and added to the circulating supply.
WXM miner rewards
Every day, each dataset produced by the WeatherXM miners will be validated (for quality, location, availability, etc) and will be rewarded with tokens according to the rewards mechanism.
Join our beta closed user group
We are currently implementing the WXM ERC20 tokenomics in Polygon dev net with a small closed user group. You can join our beta by purchasing a weather data miner. Mining rewards will be reimbursed to participating users upon launch on mainnet.
Community Contribution
Tokenomics Community Process
Tokenomics Community Process
We invite you to contribute and influence the direction of the WeatherXM tokenomics.
In the coming period we plan to release more information about the WeatherXM tokenomics.
As a result we seek to elicit input from the community. You may have some views, concerns, discovered a problem or have an improvement on how the WeatherXM tokenomics should work that you would like to share with us. This form is where you can do this.