Astar, a multichain smart contract and decentralized application (DApp) network, announced its first Web3 hackathon on February 1. Surprisingly, the Toyota Motor Corporation is supporting this event.
The international automaker is hosting its first Web3 event as it looks to cutting-edge technology to “support its vision of improving the company’s operations,” according to the release.
Toyota at Web3 hackathon represents heavier investment in blockchain initiatives
The Astar Foundation has committed $100,000 to the occasion, which will go toward prizes for the outstanding projects chosen by Toyota.
“During the event, we aim to develop the first PoC (Proof of Concept) DAO tool for Toyota’s employees,” Astar Network founder Sota Watanabe said. “If a good tool is produced, Toyota employees will interact daily with products on Astar Network.”
Participants will develop all of their products on the layer-1 blockchain known as the Astar Network, which is based in Japan. The COZMISE metaverse, built on Polkadot, will serve as the venue for the hackathon.
Toyota has previously dabbled with cryptocurrencies and blockchain technology. Toyota’s IT division collaborated with the Japanese cryptocurrency exchange DeCurret in 2020 to create a digital token under the Toyota name.
In 2020, Toyota opened a blockchain lab to explore the potential of distributed ledger technology and its application to the industry.