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

Toyota Motor Corporation Backed Web3 Hackathon All Set on Astar

One of Japan’s major companies, Toyota Motor Corporation, is sponsoring its first-ever global Web3 hackathon. To create Web3 use cases for Toyota’s workforce, it has selected Astar Network, the smart contract platform for multichain.

This online hackathon is the first stage in a process that Toyota is hoping Web3 would assist in order to improve the business’ operations. On the Astar Network, developers from all over the globe are welcome to construct an intra-company DAO support tool that enables anybody to establish teams, issue governance tokens, and vote without having to be familiar with Web3’s details.

Toyota might increase operational efficiency and transparency using the technologies developed during the hackathon. Astar Network will be in charge of both the environment for developers and the assistance with product development.

Due to an increase in team management and corporate decision-making in recent years, managers in several firms have been overworked. We might oversee projects as a DAO where the decision-making is dispersed among members, according to Astar Network and Toyota. It would not only lighten the strain on the management but also enable team members to contribute more significantly to the development of the business. This hackathon’s subject is creating a DAO assistance tool for businesses because of this.

Sota Watanabe, the Founder of Astar Network, said, “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. Sometime in the future, I think we will see blockchain integrations in cars. Today, we are still in the exploratory stage, but very excited about the various possibilities.”

The Web3 Hackathon by Toyota is accepting applications for sign up until Tuesday, February 14 from both individuals and teams of up to four developers. They have until March 18 to complete their products after attending a kick-off ceremony on February 25. On March 23, the first round of judging will take place, and on March 25, the pitch event will be open to groups that have made it through.

The COSMIZE Event Hall, the first metaverse on the Astar Network, will host the hackathon. Astar Network and Web3 Foundation will serve as sub-sponsors in addition to Toyota Motor Corporation, the primary sponsor. Another sponsor is HAKUHODO KEY3, a partnership that Sota Watanabe and the second-largest advertising agency in Japan, HAKUHODO, co-founded. HAKUHODO KEY3 organizes and oversees Web3 hackathons while developing Web3 services in collaboration with clients.

Takumi Sano, a Board member of HAKUHODO KEY3, said, “We are very excited to see what new web3 services will be built under the sponsorship of Toyota Motor Corporation. This could be an important hackathon that will change the course of history. We look forward to your participation.”

This hackathon will get $75,000 from Astar Foundation in the form of ASTR tokens, and $25,000 will come from Web3 Foundation. The winning initiatives picked by Toyota, Astar Foundation, Web3 Foundation, Alchemy, and HAKUHODO KEY3 will be rewarded with a combined $100,000.

For developers and businesses creating products for the Japanese market, Astar Network is the go-to Layer-1 blockchain. To put together a worldwide platform with origins in Japan, the government, businesses, and Web3 solutions in Japan are actively collaborating with Astar.

Since the introduction of its mainnet in January 2022, Astar’s dependable blockchain has supported over 70 decentralized apps. One of the biggest Japanese exchanges, Bitbank, already lists Astar’s native token, ASTR. Because of this accessibility, it is simple for Japanese businesses and start-ups to expand their Web3 offerings by developing applications and use cases on the Astar Network.

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