WXM is a an ERC20 token to power the weather data economy.
WeatherXM is based on an EVM compatible chain - we are currently developing on Polygon Testnet but this will be finalized near the token launch.
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.
Like most networks, the value of our Network is greater than the sum of its parts. Station owners are rewarded according to their contribution to the network and not based on the use of the specific data set they provided.
To implement this logic, we introduce a smart contract that distributes a fixed budget of tokens (the $WXM token) to station owners and other stakeholders daily. Any customer who wants to use the Network’s data or services will have to acquire and burn $WXM in return.
The following sections describe how the smart contract issues new tokens, and how it distributes them to the Network contributors.
WXM Token Distribution
Total supply of the WXM token is 100M (100,000,000) tokens.
|Station Rewards||52%||52,000,000 WXM|
|Company & investors||30%||30,000,000 WXM|
|Ecosystem Development||10%||10,000,000 WXM|
|Liquidity Support||5%||5,000,000 WXM|
|"Airdrop" to beta participants||3%||3.000.000 WXM|
55% - Station Rewards:
Tokens will be used for station owners rewards. 3M of this amount will be used to reward beta users.
30% - Company and Investors:
Will be used to reward the company and the investors for their contributions and work.
10% - Ecosystem Development:
Tokens will be reserved for ecosystem development and the formation of the DAO.
5% - Liquidity Bootstrap:
Will be used to bootstrap and support $WXM’s liquidity.
3% Airdrop" to beta participants:
3 million tokens will be used to reward stations that contributed data to the Network during the beta phase. This is not a marketing activity intended to create buzz and awareness, but a reward mechanism for the stations that participated and formed the Network before a reward mechanism was in place.
Beta rewards will be allocated according to the number of days a station has provided valid data to the network during the testnet/beta period. The number of days contributed by each station during the beta period will be calculated using the latest rewards mechanism implemented at the time of the token launch and applied retrospectively to the data the stations provided during the beta period.
Beta rewards will be distributed to beneficiaries gradually on top of the rewards they would normally receive for operating their stations, until all beta rewards allocated to them are distributed.
For example, a station that provided data for 100 days before the token launch, will receive their beta rewards throughout the first 100 days after the token launch.
This provides an additional incentive for the early Network adopters to remain in the network, maximising their station data value due to seniority and providing additional incentive for early members to actively participate in future Network governance.
To understand better the "Airdrop" you can read the related blog post here
Not all tokens will be issued on token launch. More specifically:
- 52M tokens will be issued linearly, 14,246 per day, and will be distributed daily to weather station owners.
- 30M tokens will be issued daily using a 10-10-80% distribution in the first 3 years and will be distributed daily to WeatherXM AG and its Investors.
- 3M tokens will be distributed retrospectively to station owners that participated in the beta phase of the Network (“Airdrop”).
- A one-off issuance of 10M tokens will take place on token launch. These tokens will be used to support and fund the ecosystem development and the DAO formation.
- A one-off issuance of 5M tokens will take place on token launch. These tokens will be used to provide market liquidity.
As more logic is transferred into smart contracts, a need for grouping of functionality and modularity emerges. That is why multiple smart contracts are now created, each with its own logic and design patterns:
Diagrams illustrating the interaction among the smart contracts, storage slots, classes, etc can be found here.
Different Admins can be assigned to each contract after deployment to the network by transferring ownership.
Admin has a lot of power, and is assumed to be the right, fair and just person/party. It is highly advised to have a multisig as admin, rather than just an EOA.
Company and investors tokens are allocated everyday to a target Externally-owned account (EoA) which is set by the RewardPool Admin. The Distributor, is responsible for initiating the transfer of company and investors tokens daily to the target EoA. 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.
Externally-owned account (EOA) – controlled by anyone with the private keys
Rules implement on the smart contracts
- Mint only once per day (Token Emissions)
- Anyone can initiate the minting operation daily
- The daily rewards are calculated externally by the rewarding mechanism and then a merkle tree root hash is submitted to the RewardPool
- Submitting the root hash once per day
- Minted tokens in circulation should never be more than maximum supply (100M)
- The total sum of tokens in the RewardPool must always be enough for everyone to withdraw their full allowance
- Allocated rewards is calculated based on 3 parameters: the cumulative amount, the address, the cycle and the proof
- A recipient cannot withdraw more than their allocated allowance in the RewardPool
- The maximum amount a recipient can withdraw is constrained by the chosen cycle and the provided proof, so use the proof for the latest cycle
- In each cycle, each recipient has only one valid proof
- Rewards are allocated daily in the RewardPool per wallet address (NOT weather station)
- Anyone can burn through the BurnPool contract.
- Proof of burn (a receipt for a burn operation) is required for the provision of services
- The remaining tokens which are not assigned to any weather stations in a daily basis are transferred to the Bussiness Development pool
The $WXM token is designed to distribute the value accrued by the commercial use of WeatherXM data to the Network participants. In other words, there is supply (new issuance) and demand (token burn due to commercial uses of the Network’s data) for $WXM, and eventually an equilibrium point is reached.
The only case in which issuance of new tokens can stop is if the maximum supply of 100 million tokens is reached (expected to happen in more than 10 years) and there is zero demand for Network data (i.e. token burns), or if the DAO, which will be in place by then, decides to change the token issuance policy.
For more information read our public repo