Project Name: ClimaShield - Weather-Proof Your Finances, Hedge with Confidence
Project Track: DeFi
Team Name: DeFiCatalysts
Team Member(s): @ElevenGracy @Cypher
Devpost Project Link: Devpost Submission
Project Goal:
Our goal with ClimaShield is to create a user-friendly platform that helps people hedge against financial risks caused by unpredictable weather events. We want to make it easy for anyone to use and understand how to manage their risk by using weather derivatives. We aim to empower individuals and businesses to manage their finances to weather-related risks by providing accessible tools and resources for weather derivatives trading.
Through the integration of blockchain technology, ClimaShield seeks to enhance transparency, security, and efficiency in the hedging process, ensuring that users can confidently protect their assets against adverse weather conditions. ClimaShield aims to cultivate a supportive environment where users can learn, grow, and succeed together. We want ClimaShield to be a reliable tool for anyone looking to hedge their finances from the uncertainties of weather.
Project Value:
At ClimaShield, we believe in democratising access to financial risk management tools, empowering everyone to safeguard their assets against the unpredictability of weather.
Below are some of the features of ClimaShield -
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Transparency: ClimaShield prioritizes transparency in all operations. We ensure every transaction is recorded on an immutable ledger for user visibility.
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Security: Utilizing robust security protocols and decentralized storage, ClimaShield safeguards user funds and data against risks associated with centralized systems.
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Accessibility: ClimaShield makes weather derivatives trading accessible to all including individuals and Businesses with user-friendly interfaces and educational resources.
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Innovation: ClimaShield explores new technologies and methodologies to deliver cutting-edge solutions to users.
Project Info:
Climashield is a platform that changes how we trade weather-related financial products. It’s easy to use and decentralized, meaning there’s no central authority controlling it. Instead, it runs on blockchain technology, which ensures transparency and security.
With Climashield, both businesses and individuals can protect themselves from financial losses caused by bad weather. It gives you real-time updates on the weather and tools to manage risks effectively. Plus, it’s straightforward to understand how it works, and you can trust its processes and payout system.
By using Climashield, businesses can save money and improve their financial performance by avoiding losses due to unpredictable weather.
Project Website: ClimaShield
ClimaShield Gitbook Doc: ClimaShield Doc
ClimaShield Presentation Video:
Project Test Instructions:
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Connect Wallet:
- Click on the “Connect Wallet” button on the platform’s homepage.
- Choose the desired wallet provider.
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View Weather Derivatives
- After connecting the wallet, navigate to the Derivatives Page.
- Verify that weather derivatives available for purchase are displayed.
- Check for details such as contract terms, location, premium amount, and conditions etc.
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Purchase Weather Derivatives:
- Select a weather derivative from the marketplace.
- Click on the “Buy” button associated with the chosen derivative.
- Input any required payment details or confirmations.
- Verify successful purchase by checking bought derivative in Profile section.
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Wait for Contract Expiration:
- Once the weather derivative is purchased, wait for the contract expiration period to elapse.
- Ensure that relevant weather data is continuously monitored during this period.
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Receive Payout:
- After the contract expiration period, verify if the conditions specified in the contract have been met.
- If the conditions are favorable to the user, they should receive a payout amount.
Project Details:
ClimaShield aims to transform weather derivatives trading by providing a decentralized, transparent, and accessible platform for users to hedge against weather-related financial risks effectively. ClimaShield redefines the landscape of weather risk management, empowering individuals and businesses worldwide to navigate the uncertainties of weather with confidence and resilience.
Below mentioned is the overview followed in ClimaShield:
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Contract Creation: ClimaShield empowers platform owners to create weather derivative contracts with customizable terms, premium amounts, conditions, and percentage returns.
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Contract Listing: Newly created contracts are listed on the platform, providing users with transparent access to available hedging opportunities without the need for intermediaries.
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Contract Purchase: Users can seamlessly browse and purchase contracts listed on ClimaShield using their Web3-enabled wallets, executing transactions directly on the blockchain without relying on centralized authorities.
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Vault Management: Funds collected from buyers for each contract are securely managed within decentralized vaults, ensuring the integrity and security of user funds through smart contract protocols.
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Data Monitoring: ClimaShield continuously monitors relevant weather data and external feeds through decentralized oracles, enabling precise risk assessment and management without central points of failure.
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Payout Calculation: Upon meeting contract conditions, ClimaShield automatically calculates payouts for each buyer based on the agreed-upon terms, executing trustlessly through smart contracts to ensure fair and accurate distribution of funds.
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Payout from Vault: Automatic payouts are distributed to users’ Web3 wallets from decentralized vaults, facilitated by smart contracts to ensure transparency, security, and censorship resistance.
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Contract Completion: Once contract conditions are met, and payouts are made, contracts are considered complete and settled on the blockchain, providing immutable records of transactions and outcomes.
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Platform Fees: ClimaShield collects platform fees from users’ transactions, facilitating sustainable operations and ongoing platform development while ensuring fair compensation for platform owners and contributors.
Smart Contract links: Contract1
Project Milestones:
Milestone 1: (05/04/2024 to 20/04/2024) 
- Learn about the market scope and research about weather derivatives.
- Think about the Product Design and Finalise the flow of the ClimaShield
- Design and finalize the website design.
- Start the development of the home page which includes the basic info about the ClimaShield, About Climashield, and the flow of the climashield.
- Finalize the entities and logic required for weather derivative contract creation and management.
Milestone 2: (21/04/2024 to 28/04/2024)
- Create the Derivatives page which includes the basic educational information about the derivatives and the List of Weather Derivative Contracts.
- Create the Profile Page design.
- Develop and deploy MVP smart contracts for creating, purchasing, monitoring weather data, settling contracts, and distributing payouts.
Milestone 3: (29/04/2024 to 07/05/2024)
- Create the Analysis Page which contains Temperature Analysis of the selected location and time.
- Add the graph which showcases the Max, Mean and Min Temperature between the selected dates.
- Create a MVP smart contract that interacts with Chainlink oracles to obtain accurate and reliable weather data.
- Conduct thorough integration testing to ensure seamless communication between the front-end interface and the underlying blockchain smart contracts.
Milestone 4: (08/05/2024 to 30/06/2024)
These tasks will be further broken down into smaller milestones to ensure efficient progress tracking and completion.
- Conduct research on legal and financial compliance requirements related to weather derivatives trading.
- Finalize the flow for the vault management system, including secure storage of user funds.
- Develop and deploy smart contracts for vault management, ensuring compliance with legal and financial regulations.
- Audit the smart contracts to verify their security, reliability, and compliance with industry standards.
- Perform comprehensive integration testing to ensure seamless communication between the vault management system, smart contracts, and the overall platform interface.
Project Screenshots:
Can you explain some of the weather related financial assets and their relationship with blockchain