Dear Readers,
The Japanese multinational automotive manufacturer Toyota which has its headquarters in Toyota City, Aichi, Japan has moved to enter into the blockchain development.
In a significant development in this aspect, Toyota will sponsor for the world’s first global Web3 hackathon, on the multi-chain smart contract network Astar Network.
According to Astar’s website, they provide the necessary infrastructure for building dApps with EVM and WASM smart contracts offering developers true interoperability with cross-consensus messaging (XCM) and a cross-virtual machine (XVM). Astar’s unique Build2Earn model empowers developers to get paid through a dApp staking mechanism for the code they write and dApps they build.
Astar Network is connecting the layer-1 blockchains like Ethereum and Cosmos with the Polkadot ecosystem.
The sponsorship is considered to be the Toyoto’s entry for blockchain integration for its operation.
As part of this Web3 hackathon, the Web 3 developers across the world to be invited and to participate in this event to build an intracompany decentralised autonomous organization (DAO) support tool on the Astar Network.
This association would enable the creation of teams, issuance of governance tokens as well as a vote without needing to understand the details of Web3.
Toyota would use these developed tools out of this hackathon to improve its operational transparency and efficiency. Astar Network will provide the environment for all the developers and will also give product development support.
The Astar Network Founder Sota Watanabe said that Astar Network is happy to be associated with the World Leader Toyota to organise this hackathon. He added that in the recent years, managers in various companies have been too much burdened to take the decision making and the team management due to the excessive workload and extended business reach.
He said that both Astar Network and Toyota strongly believe that they could manage projects as a DAO where the decision-making is distributed among participants.
It will not only reduce the managers’ workload but also help the other team members have a greater impact on the company’s growth. That’s why the theme of this hackathon is to develop a intra company decentralised DAO to support tool for companies.
The organisers will distribute $100,000 in prizes between the winners. The contribution of these prizes are both from Astar Foundation and Web 3.0 Foundation while Astar Foundation will give $75,000 in the form of ASTR tokens and Web 3.0 Foundation will give $ 25,000.
The winning projects would be selected by Toyota, Astar Foundation, Web 3.0 Foundation, HAKUHODO KEY3 and Alchemy.
Hope these kinds of global events give ample opportunities and fitting rewards and recognition for the developers globally!
If you missed out our earlier article on blockchain developers, you can access @
