An economic system for building weather networks

Economy

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. WXM is currently implemented in Polygon mumbai testnet as an ERC20 token rewarding the closed beta user group.

Compatible weather stations are 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.

Anyone can join our beta closed user group by purchasing a compatible weather station

Location

Weather station from a rural location will earn a higher reward compared to one situated in a densly covered area.

Quality of Data

Weather data will be validated against near by stations, 3rd party reanalysis & satellite data and evaluated for their overall quality using machine learning 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 weather data & services are removed (burnt) from the total circulation.

As the Weather network grows in usage and more services are being purchased by customers, 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.

BME utilizes a token and credit system: The price of Weather data Credits (WdC) is fixed in USD (1 WdC = $1). Weather data Credits are only used internally in customers’ accounts, are not transferable and can only be used to acquire services within the Weather network. Any WXM token converted to WdC is permanently burned from the circulating supply.

Weather miners earn rewards by inflationary minting which is independent of the token burning process and has a circulation supply cap that once reached, the daily minting will be restricted to the number of tokens daily burned, as per data & services consumed. For a five-year period, 100 million WXM tokens will be minted following a linear daily minting schedule. Due to BME, in year 5 a portion of the tokens will be already burned, thus minting will continue beyond year 5 with the previous rate, but always restricted at the 100M cap.

Supply

WXM Token Distribution

Community Rewards - 55%

Every day, each dataset produced by each WeatherXM station will be validated (for quality, location, availability, etc) and will be rewarded with tokens according to the rewards mechanism.

Ecosystem Development - 10%

Reserved for special community-related projects, aligned with the vision of WeatherXM as we prepare for DAO conversion.

Liquidity Bootstrap - 5%

Liquidity Pool(s) for token exchange management.

Company & Investors - 30%

Company core team and investors following a typical vesting schedule of 2+ years.

Community Contribution

Tokenomics Community Feedback 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 in our documentation pages. 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.