Toyota taps Astar Network to explore Web3 in grand style

abdelaziz Fathi

Although the crypto ecosystem has faced its fair share of bumps, Japanese automaker Toyota is seemingly bullish about the space and continue to look at Web3 as a promising opportunity.

Japan’s largest conglomerate has chosen blockchain innovation hub Astar Network to make use cases for its employees. Specifically, Toyota is exploring advances in the Web3 to create new experiences that will eventually be folded into concrete suggestions to improve the company’s operations.

Toyota is also sponsoring its first ever global Web3 hackathon as an initial step in the process. The guiding principle of that sort of crypto boot camp is to help Web3 developers build an intra-company DAO support tool on the Astar Network. Under the hood, this alliance allows them to create teams, issue governance tokens, and vote without needing to understand the details of Web3.

Zooming in on operations problems that need solving would enable Toyota to use the tools created during the hackathon to improve transparency and efficiency. Astar Network will take it a step further by providing the environment for developers and being tasked with product development support, as well as mentoring throughout the process.

Astar Network and Toyota believe that they could manage the projects as a decentralized autonomous organization (DAO), an emerging form of structure that has no central governing body. The system is developed to distribute decision-making, management, and managers’ workload.

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.”

Takumi Sano, the Board member of HAKUHODO KEY3, added, “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.”

Astar Network is a Japanese-based bridge connecting layer-1 blockchains like Ethereum and Cosmos with the Polkadot ecosystem.

The Web3 move by Toyota is notably not the first time a Japanese giant is making its entry into the blockchain space or embracing Web3.0-focused technologies. To expedite the growth of Web3 in their native Japan, the smart contracts platform onboarded Japan’s top mobile carrier NTT Docomo to collaborate on mass adoption of Web3 as well as its social implementation.

NTT Docomo will invest as much as $4 billion on the next-generation internet technology as it seeks to take a leading position using its mobile infrastructure over the next 5-6 years.

Read this next

blockdag

BlockDAG Offering a Fresh Take on Meme Coin Development Amid Solana’s Challenges and Floki Inu’s Price Fluctuations With 30,000x ROI

Dive into how BlockDAG’s innovative presale, low-code platforms, and potential 30,000x ROI, outperform Solana’s technical hurdles and Floki Inu’s market predictions.

blockdag

BlockDAG Excels With $2.2M In Miner Sales And Moonshot Teaser, Overshadowing Litecoin’s Rally And Dogwifhat’s Market Highs

Explore how BlockDAG’s $2 million Miner Sales & Moonshot Teaser eclipse the Litecoin price recovery and the Dogwifhat all-time high.

blockdag

BlockDAG Leads Top 6 Cryptocurrencies to Buy in 2024 with a Potential Price Surge to $10 Leaving Cosmos, BNB, and Ethereum Behind

Discover the top six cryptocurrencies in 2024, including BDAG’s remarkable growth potential, BNB’s durability, Cosmos’ connectivity, and ETH’s eco-friendly advances.

Retail FX

Weekly Roundup: Prop firm arbitrarily accounts, Interactive Brokers’ CFDs in Japan

FX, Fintech and cryptocurrency markets have been bustling with activity over the past week, as is often the case. Keep yourself informed and ahead of the curve with a curated selection of crucial stories and developments that are most relevant to those engaged in the markets.

blockdag

BlockDAG Redefines Crypto Mining as Presale Tops $18.5M, Outshining Ethereum ETF & Dogecoin Dynamics

The recent approval of the first Ethereum ETF in Hong Kong underscores a significant advancement in the cryptocurrency’s mainstream acceptance. While Ethereum continues to attract institutional attention, the Dogecoin price prediction suggests a possible resurgence, despite its current undervaluation from past highs.

Digital Assets

Bitcoin halving is done: ViaBTC mines historic block 840K

The Bitcoin network has confirmed its fourth-ever halving block, mined by the cryptocurrency pool ViaBTC, according to data from Blockchain.com. This significant event in the Bitcoin ecosystem reduced the mining reward by half, a deflationary measure occurring approximately every four years to control the issuance of new bitcoins and curb inflation.

Retail FX

True Forex Funds now offers Match-Trader and cTrader platforms

Proprietary trading firm True Forex Funds today announced the launch of Match-Trader, a multi-asset trading platform developed by California-based FX technology provider Match-Trade Technologies.

Retail FX

CySEC hits FXORO parent with €360,000 fine

The Cyprus Securities and Exchange Commission (CySEC) has fined MCA Intelifunds, trading as FXORO, a total of €360,000 for multiple violations of the Cypriot investment laws.  

Digital Assets

Binance’s CZ in good mood ahead of sentencing, says partner

Yi He, co-founder of cryptocurrency giant Binance, has shared a positive outlook on the legal situation of the exchange’s former CEO, Changpeng Zhao. Zhao is currently awaiting a sentencing hearing scheduled for April 30 in the United States.

<