Toyota Taps Astar Network for Web3 Hackathon – Crypto News – Crypto News
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Toyota Taps Astar Network for Web3 Hackathon Toyota Taps Astar Network for Web3 Hackathon

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Toyota Taps Astar Network for Web3 Hackathon – Crypto News

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3 years ago

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Japan’s largest conglomerate – Toyota Motor Corporation – will sponsor the world’s first global Web3 hackathon. Polkadot’s leading parachain, Astar Network, has been roped in to create Web3 use cases for Toyota’s employees.

According to the official press release shared with CryptoPotato, the car giant is looking to embrace the Web3 space in a bid to improve the company’s operations. The latest online hackathon is expected to serve as an initial step in the process.

Toyota – Astar Web3 Hackathon

As part of the event, developers from around the world are invited. The theme will be to build an intra-company DAO support tool on the Astar Network to enable anyone to create teams, issue governance tokens, and vote without requiring them to understand the details of Web3.

While the multinational automotive manufacturer could use the tools developed during the hackathon for operational transparency and efficiency purposes. Astar Network, on the other hand, will offer the necessary environment for devs and will be tasked with product development support.

Both Astar Network and Toyota said they believe they can manage projects as DAOs, where the decision-making is distributed among participants.

Following the announcement, Sota Watanabe, the Founder of Astar Network, noted that blockchain integrations in cars will transpire in the near future. The exec also said that even though the industry is still at an exploratory stage, he is “very excited about the various possibilities.”

“Needless to say, Toyota is the largest company in Japan and one of the world’s leading international companies. We are very excited to be hosting the Web3 Hackathon on Astar with Toyota. During the event, we aim to develop the first Proof-of-Concept DAO tool for Toyota’s employees. If a good tool is produced, Toyota employees will interact daily with Astar Network.”

Astar’s XVM Product

Astar is a smart contract innovation hub that connects the Polkadot ecosystem to all layer 1 blockchains. Earlier this month, it Launched the Cross-Virtual Machine (XVM), allowing projects building on it to interact with other smart contract ecosystems.

This was the first major product part of its 2023 strategy that will let devs explore multiple contract environments. The feature will also help in building a variety of complex applications offering many use cases, such as proving ownership of digital assets, etc.

Meanwhile, Astar Network announced a collaboration with the blockchain company Alchemy last summer to ramp up Web3 development on Polkadot’s ecosystem.

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