Local Weather Stations Get People Paid in Tokens
WeatherXM has set up over 700 weather stations around the world that are run by local people. These people get utility tokens in return for providing data to WeatherXM.
The blockchain-based data verification system being developed by WeatherXM has the potential to revolutionize the way global weather data is collected and used for forecasting purposes. By incentivizing people to capture local weather data, the accuracy of forecasting models should improve significantly. This is a potentially game-changing development that could have a major impact on the way we understand and predict weather patterns around the world.
The WeatherXM team is on a mission to provide the world with better weather data. With the help of Web3 tools, they are able to offer a higher quality and quantity of data than what is currently available. This is a huge benefit for everyone, as better weather data can help us make better decisions about everything from farming to travel. We are excited to see what the WeatherXM team will do next!
This is an exciting development for the company, as it looks to use blockchain technology to create a more accurate and reliable weather forecast infrastructure. The community-powered weather stations will use smart contracts to verify the location and data collected, ensuring that the information is accurate and reliable. This will help the company produce more accurate weather forecasts, and provide users with the most up-to-date information possible.
“Then we monetize those services and put the value back into the original people who created the data in the first place, which are the weather station owners, who we call weather miners,” says Nikiforakis.
The native utility tokens of the network are WXM and Data Credits (DC). The WXM token is used to reward users for their participation in the network, while the DC token is used to purchase data from data providers.
“Using the crypto incentives, we have transparent and fair mechanisms that will make sure that once value is produced and obtained by a third party, it will circulate back to the community.”
The co-founders of the project say that it includes both weather enthusiasts and people with a more tech-savvy background. They hope that the project will help people become more aware of the weather and how it affects them.
Currently, over 700 weather stations are set up around the world, from the United States and Europe to as far east as Vietnam. Nikiforakis says that within the next few months, at least another 2,000 will be shipped out for users to start collecting data. This will provide an invaluable resource for weather researchers and allow for a greater understanding of global weather patterns.
The creators of WeatherXM say decentralization is inherent to the project. By allowing individuals to deploy their own stations in a given location it creates a “by the people for the people” - type approach to weather data collection, rather than a major centralized enterprise. I believe that this is a great approach to weather data collection, as it allows for more accurate data to be collected by people who are actually in the location where the weather is occurring. This decentralized approach also means that there is no one central entity controlling the data, which could lead to greater trust in the data that is collected.
“The more dispersed the decentralized weather community is, the better it is for the general accuracy of weather data collection and for providing data on locations with little to no known data.”
The developers' incentive program for weather miners encourages them to locate weather stations in rarer locations and to properly install them (i.e., away from asphalt, not under an awning). This results in higher token rewards for these miners.
It is a shame that rural train stations are even more rare than others, due to the fact that they require an active internet connection. It is important that we find a way to connect these stations so that everyone has access to reliable transportation.
The weather has a major impact on global economic activity, with roughly one-third of all activity being highly weather-sensitive. This includes industries such as international trade and shipping, as well as agriculture. For businesses, understanding the weather can mean the difference between wasting resources and being able to save them. For ordinary people, it can simply affect clothing choices. Knowing the weather can have a major impact on our lives.
The insurance industry is constantly looking for ways to minimize risk and weather data plays a big role in that. By better understanding past weather patterns, insurers can more accurately predict future ones and better assess risk. This data is also used to help develop new insurance products and to price existing ones.
“This means our infrastructure can enable weather insurance smart contracts in the future in ways that traditional weather forecasts or weather networks today cannot.”
As the world increasingly turns to blockchain-based solutions for a variety of needs, it will be important to have these types of solutions available in developing regions that rely heavily on weather-sensitive economic activity. For example, in Africa, where 44% of the working population is employed in agriculture, blockchain-based solutions can provide much-needed stability and security.
WeatherXM's data-driven approach has helped it become a trusted partner for operations like the Athens International Airport and a major regional telecom provider. The team is committed to using its data to help its clients improve their operations and better serve their customers.
