Astar Network solidifies its position in the Japanese market

Astar, a popular smart contract platform on Polkadot, introduced “Astar 2.0 Vision” to promote widespread adoption of Web3 technology in early July 2023. The platform aims to empower users to manage data, privacy, and local communities online and offline. 

In order to enhance the ecosystem and attract more participants, Astar 2.0 has upgraded developer tools and token economics, with an emphasis on the native token, ASTR, while reducing the inflation rate, adding more fee burning mechanisms, and increasing base rewards for stakers and dApps.

Astar serves as a hub for chains that support EVM and WASM smart contracts and promote interoperability through its Cross Virtual Machine (XVM). It aims to bridge the Ethereum and Polkadot ecosystems by introducing its Layer 2 network, Astar zkEVM, to strengthen its standing in the multichain domain. 

Astar enables organizations to efficiently mobilize their services on the blockchain for application development (dApp) by incorporating security and scalability enhancements on its Layer 2 platform. Polygon leveraged its expertise in zero-knowledge technology to construct Astar zkEVM using the CDK it provided. It is distinctive due to its connection to Polygon’s Aggregation Layer (AggLayer). 

Together, the benefits of monolithic and modular blockchains make chain transactions easier, and the integration with Polygon’s AggLayer solves some of the challenges associated with current blockchain solutions.

The expansion of Astar Network into Japan was officially declared on April 14, subsequent to the establishment of collaborative alliances with multiple Web 3 enterprises. In addition to Web3, Astrar’s expansion encompasses major corporations including Sony, Toyota, and UOB Venture Management. 

In addition, the Japanese city of Shibuya has established a partnership with Astar. Additionally, Sota Watanabe, the founder of Astar, is collaborating with the Japanese government to promote Web3 adoption. 

Growing Astar through partnerships and innovation is a top priority for Sota, who is also a director of the Japan Blockchain Association. Astar zkEVM, a platform for Japanese Real World Assets NFTs, is currently under development in collaboration with Japan Airlines and Hakuhodo and with companies including Kokyo. Yasushi Akimoto, renowned for his work with AKB48, Nogizaka46, and SKE48, among other idol groups, is preparing to unveil YAOKE Entertainment.

An idol economy based on Astar zkEVM tokens will power the entertainment platform. The community is abuzz with excitement surrounding Astar’s commitment to innovation and zero-knowledge technology, which is regarded as critical for the future scalability of Ethereum. 

The integration of Astar zkEVM with Polygons AggLayer has generated considerable interest among investors and developers. With the adoption of Web3 by the government and traditional corporations, Astar is prepared to introduce millions of Japanese citizens to Web3 technology.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

Related Articles

Back to top button