ave you ever wondered what the weather will be like in your town? If so, then this project might interest and excitedly wait for its completion. A group of engineers from Athens-based companies wants everyone worldwide to take part by capturing local data on their temperature trends which helps forecasters make better predictions about future conditions ahead of time.
The company was founded by Manolis and Nikos, two entrepreneurs with extensive experience in tech startups. WeatherX has created a better way for people worldwide to access climate information. They are working with Web3 tools, which provide more accurate and decentralized data for all locations.
It will deploy a new community-powered station infrastructure built with blockchain oracle hardware. This creates smart contracts from which decentralized data is produced.
"Then we monetize those services and return the value to the people who produced the data in the first place, who are the station owners, who we call weather miners," Nikiforakis explains.
WXM and Data Credits are the native utility tokens of the network (DC). "We have transparent and fair mechanisms in place, using crypto incentives, to ensure that once the value is produced and acquired by a third party, it circulates back to the community."
Founders say that anyone can use their platform to report climate events, regardless of background, whether you're an expert in technical skills or not at all knowledgeable about how it works.
The number of stations around the world is increasing rapidly. In just a few months, at least two thousand will be shipped out to users so they can start collecting data.
WXM is not only a means of collecting data but also an opportunity for communities and individuals to work together. The project's creators say decentralization is vital in this approach because it creates "by the people, for the people."
Developers incentives miners through rewards based on location and data quality, and those in rare locations with proper installations of stations reap higher token rewards than those who aren't. They're more likely to stay online longer due to their proximity by being outside city limits or otherwise without access to fast connections.
The climate has a significant impact on global economic activity. One-third of all world trade and shipping are highly susceptible to it, as well as the agriculture industry, and it may influence clothing choices for ordinary people. It also significantly impacts a company's ability to waste or save resources.
"An entire industry deals with information from an insurance standpoint." This means that in the future, our infrastructure can facilitate weather insurance smart contracts in forms that traditional reports or weather networks cannot," Nikiforakis stated.
In 2020, 44% of the working population in Africa had agriculture-related employment. The continent is likely to be one primary adopter of blockchain technologies due to its high rate and reliance on weather-sensitive economic activity.
The company is making it possible for businesses all over the world to improve their operations by using our weather data. They also offer services that cover major airports, telecom providers, and more.