Home News Toyota Motor Corporation Backed Web3 Hackathon All Set on Astar

James Carter

03 Feb 2023

Toyota Motor Corporation Backed Web3 Hackathon All Set on Astar

A major Japanese corporation known as Toyota Motor Corporation is organizing the very first international Web3 hackathon of its kind. For the purpose of developing Web3 use cases for its employees, Toyota has decided to partner with Astar Network, an innovative contract platform for multichain.

This online hackathon is the first step of a process that Toyota thinks will help Web3 improve the way it runs its business. On the Astar Network, developers from anywhere in the world can create an intra-company DAO support tool that allows anyone to develop teams, issue governance tokens, and vote without understanding how Web3 operates.

It’s possible that Toyota’s operations may become more open and efficient if they used the technologies that were produced during the hackathon. It will be Astar Network’s responsibility to provide software developers with a space to work and to offer assistance in the development of their products.

In the past years, there has been more team management and corporate decision-making, which has put a lot of stress on managers at many companies. According to Astar Network and Toyota, we might manage projects as a DAO where decisions are made by a group of people. It would not only make management’s job easier but also give team members a chance to make a more significant difference in the growth of the business. Because of this, the goal of this hackathon is to create a DAO tool to help businesses.

The founder of Astar Network, Sota Watanabe, said, “It goes without saying that Toyota is the biggest company in Japan and one of the biggest international companies in the world. Together with Toyota, we are very excited to be hosting the Web3 Hackathon on Astar. During the event, we want to make the first Proof-of-Concept DAO tool for Toyota employees. If a good tool is made, Toyota workers will use Astar Network every day. I think that cars will use blockchain at some point in the future. Today, we’re still looking into things, but we’re very excited about all the possibilities.”

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Until next Tuesday, February 14, developers have the opportunity to register for Toyota’s Web3 Hackathon. They may register as individuals or in groups of up to four people. They will have until March 18 to complete their creations, following a ceremony on February 25 that kicked things began. The initial round of judging will take place on March 23, and the groups that have gone thus far will have the chance to present their proposals on March 25.

The hackathon will take place in the COSMIZE Event Hall, which is the first metaverse on the Astar Network. Toyota Motor Corporation is the main sponsor, but Astar Network and Web3 Foundation will also help pay for the event. HAKUHODO KEY3 is another sponsor. It is a partnership between Sota Watanabe and HAKUHODO, which is the second-largest advertising agency in Japan. HAKUHODO KEY3 plans and manages Web3 hackathons while working with clients to build Web3 services.

Takumi Sano, a member of the Board of HAKUHODO KEY3, said, “We can’t wait to see what new web3 services Toyota Motor Corporation will help us build. This hackathon could be very important and change the course of history.

The Astar Foundation will give this hackathon $75,000 in ASTR tokens, and the Web3 Foundation will provide it with $25,000. Toyota, the Astar Foundation, the Web3 Foundation, Alchemy, and HAKUHODO KEY3 will give a total of $100,000 to the winning projects that they chose.

Astar Network is the Layer-1 blockchain that developers and businesses use to make things for the Japanese market. Japan’s government, businesses, and Web3 solutions are all working with Astar to build a global platform that has its roots in Japan.

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Since January 2022, when its mainnet went live, Astar’s reliable blockchain has been used by more than 70 decentralized apps. Bitbank, which is one of the biggest Japanese exchanges, already has ASTR, Astar’s native token, on its list. Because of this, it is easy for Japanese businesses and start-ups to build applications and use cases on the Astar Network to add to their Web3 offerings.