Key highlights:
- Japan’s largest company Toyota seeks to delve deeper into blockchain by providing support for its first-ever Web3 Hackathon
- Toyota dashes into Web3 in its bid to improve the operations of the company
- Interested participants have until February 14th, to sign up for the Web3 hackathon, with a whopping reward of up to $100,000 awaiting winners
Renowned multinational vehicle company Toyota is making big moves dabbling into blockchain to explore its use cases. The automotive giant said it would sponsor Astar Network‘s Web3 hackathon planned for decentralized autonomous organization (DAO) developers, according to a recent announcement.
Apparently, its decision to delve into Web3 explains that the company will be leveraging the blockchain use cases to improve its efficiency.
Toyota to Improve Company’s Operations Via Web3
Toyota’s latest move marks its first-ever Web3 Hackathon. Hence, it has chosen Astar Network, a multichain smart contract platform, to make Web3 use cases for its 330,000+ global employees.
Following the auto giant’s vision to improve the operational activities of the company, it appears that it is taking its first and necessary step with the Web3 hackathon. As such, Toyota, in collaboration with Astar Network, will be inviting developers from different parts of the world to form a decentralized autonomous organization. This DAO will be capable of building blockchain solutions where anyone can create teams, issue governance tokens, and vote without the need to be well-versed in the Web3 ecosystem.
The move reflects Toyota and Astar’s concern to lessen the massive workload induced from business decision-making and team management tasks on managers worldwide. In a bid to remediate the complications, the companies have come to a conclusion to deploy a mechanism capable of managing projects as a DAO where the decision-making is distributed among participants. As such, they have tagged the hackathon with the theme – “Developing a DAO Support Tool for Companies.”
While the move showcases positive chances of serving its basic purpose of reducing the managers’ workload, it is interesting to note that it will also help team members have a greater impact on the growth of their company.
Thus, Astar’s network appointment to host the web3 hackathon will see it providing a suitable environment for the developers who will make up the DAO. Also, the Astar network has been tasked with the responsibility of providing support for product development.
The Founder of Astar Network, Sota Watanabe, expressed the company’s delight to collaborate with Toyota while acknowledging that it is the largest company in Japan and one of the world’s leading international companies.
Watanabe said:
“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.”
Toyota to Reward Winning Projects With $100,000
Furthermore, the proposed Web3 hackathon will receive funding support of up to $75,000 and $25,000 from Astar Foundation and Web3 Foundation, respectively. Astar will be offering the funds in the form of an ASTR token. The announcement further noted that Toyota, Astar Foundation, Web3 Foundation, Alchemy, and HAKUHODO KEY3 would come together to select the best projects they dim as winners and reward them with the proceeds from the funding.
Per the announcement, registrations for the Web3 hackathon have commenced already and individuals, as well as teams of up to four developers, have been given until Tuesday, 14th of February to sign up for the Web3 Hackathon. Toyota has scheduled the kickoff event to commence on February 25th, and they have been mandated to be in attendance. Afterward, they can build their products until March 18th.
