ClimaShield by Team DeFiCatalysts - Weather-Proof Your Finances, Hedge with Confidence

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 -

  • Transparency: ClimaShield prioritizes transparency in all operations. We ensure every transaction is recorded on an immutable ledger for user visibility.

  • Security: Utilizing robust security protocols and decentralized storage, ClimaShield safeguards user funds and data against risks associated with centralized systems.

  • Accessibility: ClimaShield makes weather derivatives trading accessible to all including individuals and Businesses with user-friendly interfaces and educational resources.

  • 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:

  • Connect Wallet:

    • Click on the “Connect Wallet” button on the platform’s homepage.
    • Choose the desired wallet provider.
  • 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.
  • 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.
  • 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.
  • 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:

  • Contract Creation: ClimaShield empowers platform owners to create weather derivative contracts with customizable terms, premium amounts, conditions, and percentage returns.

  • Contract Listing: Newly created contracts are listed on the platform, providing users with transparent access to available hedging opportunities without the need for intermediaries.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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) :white_check_mark:

  • 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) :white_check_mark:

  • 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) :white_check_mark:

  • 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:

33 Likes

Hey, welcome! I’m curious about the connection between cryptocurrency and weather. When you mention hedging against unpredictable weather, how does bad weather pose a risk to our crypto or? Could you explain how weather conditions might impact cryptocurrency investments or transactions?

4 Likes

Welcome to hackathon, DefiCatalysts! This is my first time hearing about this :sweat_smile: Can you explain some of the weather related financial assets and their relationship with blockchain

3 Likes

Welcome team ClimaShield to tron hackathon season 6. I would love to understand who your end users would be. And how you plan to market this product

4 Likes

Welcome to Tron Hackathon season 6. I went through your project details and am highly interested in it. Does this project have an effect on crypto users as well?

4 Likes

This is something new to see in the TRON!
I’m very much interested to understand the relation between Crypto and Weather. Would appreciate it if you could make me know.
Welcome and All the best for the Hackathon Season 6! :star2:

3 Likes

Welcome to Hackathon Season 6, I really like when the offering is detailed and elaborate, makes it quite easy to understand.
From my read, I see ClimaShield aims to transform weather derivatives trading by offering a simple, transparent, and decentralized platform for people and organizations to hedge against weather-related financial risks.
How does ClimaShield intend to attract and onboard consumers, particularly those who are new to weather derivatives trading and blockchain technology?

4 Likes

Welcome to the season 6 of the Hackathon, please kindly tell me what are the next steps for ClimaShield after you have completed the milestones you have listed, thank you

2 Likes

Welcome Climashield to hackathon season 6

  • How will you identify and target your ideal users (individuals vs businesses, specific industries).

  • What are the different risk profiles of these user groups, and how will ClimaShield cater to them.

  • How does ClimaShield differentiate itself from existing weather derivatives platforms or traditional insurance products.

3 Likes

Absolutely @Chukseucharia ! In the context of ClimaShield, weather-related financial assets, such as temperature contracts, rainfall contracts, and wind contracts, can be seamlessly integrated with blockchain technology to create a decentralized platform for trading weather derivatives. Through smart contracts deployed on the blockchain, ClimaShield ensures transparent and automated execution of contracts based on real-time weather data. This integration enhances the efficiency and accessibility of weather risk management, providing users with a reliable and secure solution for hedging against weather-related financial risks.

Good luck in season6

I wanna ask same thing. Please explain in details

3 Likes

@Andreaxino Thank you for welcoming us! Currently, our focus is on developing ClimaShield to ensure it meets the needs of our users effectively. While we haven’t finalized our marketing strategy yet

1 Like

Thank you @Lisa1 for your interest! Yes, ClimaShield can have an impact on crypto users as well. By providing a decentralized platform for weather derivatives trading, ClimaShield offers crypto users an opportunity to diversify their investment portfolio and hedge against weather-related financial risks.

2 Likes

Thank you for the warm welcome and your interest in ClimaShield! While it may seem new, the relationship between crypto and weather is significant:

  • Hedging Crypto Portfolios: Weather events can impact markets and industries, affecting crypto investments. ClimaShield offers weather derivatives to hedge against these risks, safeguarding crypto portfolios.
  • Crypto Mining Efficiency: Weather conditions like temperature and humidity can affect mining operations. ClimaShield’s derivatives help mining operators hedge against weather-related risks, ensuring consistent profitability.
  • Market Correlations: Weather events indirectly influence crypto markets through industries like agriculture and energy. ClimaShield helps traders and investors manage these correlations, ensuring more informed decisions.

In short, ClimaShield offers crypto users a reliable solution for managing weather-related financial risks in their portfolios. Thank you for your support, and we’re excited for Hackathon Season 6!

1 Like

Thank you for the warm welcome and your thoughtful question! ClimaShield is committed to making weather derivatives trading accessible to everyone, including newcomers to the concept and blockchain technology. Here’s how we plan to attract and onboard consumers:

  • User-Friendly Interface: ClimaShield will feature a simple and intuitive platform interface, making it easy for newcomers to understand and navigate weather derivatives trading.
  • Educational Resources: We’ll provide guides, tutorials, and FAQs to help users learn about weather derivatives trading and blockchain technology.
  • Partnerships and Outreach: Collaborating with educational institutions and industry associations, we’ll raise awareness of ClimaShield and its benefits through workshops, webinars, and events.
  • Customer Support: Responsive customer support channels will be available to assist users with any questions or issues they encounter.
2 Likes

@ines_valerie We at ClimaShield aims to make its position as a premier platform for weather derivatives trading, which offers users a reliable and efficient solution for managing weather-related financial risks.

1 Like

Thank you for the warm welcome! @Okorie @Robert2

Through market research, user surveys, and data analysis, we identify specific industries most vulnerable to weather-related financial risks, such as agriculture, energy, tourism, and construction.

Regarding risk profiles for individuals and businesses have different risk apetites. For businesses, the impact of adverse weather events on operations, supply chains, and revenues can be significant. For individuals, weather-related risks may affect personal finances, travel plans, or property investments. ClimaShield provides user-friendly tools and educational resources to help individuals understand and manage these risks effectively

ClimaShield differentiates itself from existing weather derivatives platforms and traditional insurance products through several key features:

  • Decentralization: ClimaShield operates on a decentralized platform powered by blockchain technology, offering transparency, security, and efficiency in weather derivatives trading.

  • Transparency: ClimaShield provides transparent and verifiable data on contract terms, weather conditions, and payouts through blockchain technology.

  • Accessibility: ClimaShield aims to make weather derivatives trading accessible to everyone, including individuals and businesses of all sizes.

. Thank you for your interest, and we’re excited to showcase ClimaShield in Hackathon Season 6!

1 Like

Thank you for sharing your insights about ClimaShield’s user adoption strategy. It is apparent that welcoming and informing newcomers is a top focus.

How does ClimaShield intend to scale it’s user onboarding initiatives as the platform increases in popularity and attracts a bigger audience?

3 Likes

Hi @manfred_jr I would like to answer your question, so as ClimaShield’s popularity grows, scaling our user onboarding becomes essential.

We plan to achieve this by developing scalable processes, enhancing educational resources, leveraging community support, scaling customer support, and continuously gathering feedback for iteration.

These initiatives ensure a seamless onboarding experience for new users, regardless of our platform’s size or popularity.

2 Likes

Thank you for outlining ClimaShield’s approach to scaling user onboarding activities. It’s fantastic to see a thorough strategy that takes into account numerous facets of the customer experience. Building upon these initiatives, I’ve a question;

How does ClimaShield intend to cater to customers with varying backgrounds and levels of experience in financial trading and blockchain technology?

3 Likes