The weather crypto currency
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.
Compatible weather stations with WXM miners will be rewarded for sharing local weather data based on a unique and fair algorithm. The algorithm takes into weighted consideration:
Weather miner from a rural location will earn a higher reward based on the distance from the closest weather station.
Weather data will be validated against reanalysis & satellite 3rd party data and evaluated for their overall quality based on weather and anomaly detection models.
Burn & Mint
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 utilizes a token and credit system:
The price of Weather data Credits is fixed in USD (1 Weather data Credit = $1). Weather Credits will be sold through our Marketplace. Any WXM token converted to Weather Credits is permanently burned from the circulating supply. Weather Credits are not transferable and can only be used to acquire services within the Weather network.
Weather miners earn rewards by inflationary minting which is independent of the token burning process. As the Weather network grows in usage and more Weather Credits are being bought 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
For a five-year depth period, 1 million WXM tokens will be minted per year by the WeatherXM team and added to the circulating supply.
WXM miners Rewards
Daily weather dataset is considered the smallest unit of measurement. Every day, each dataset will be evaluated with our proof algorithm and Weather miners will be rewarded with the day’s tokens.
Join our beta closed user group
We are currently implementing the WXM ERC20 tokenomics in a dev net environment 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.