The Astar Foundation to host a Web3 hackathon under Toyota’s sponsorship

It happens to be HAKUHODO KEYS3, which happens to be a firm that has been co-founded by Astar, along with HAKUHODO itself, and will be organizing a Web3 hackathon for the very first time. This grand event is going to be sponsored by Toyota Motor Corporation. HAKUHODO, on its own terms, happens to be one of the biggest advertising agencies in Japan.

In this event, according to the set plans, all the persons taking part will be part of a setting-in-motion event slated for the 25th of February, 2023. They will receive a time period till the 18th of March to finish their products. The judging round will be on the 23rd of March, leading to the qualifiers taking part in the pitch event on the 25th of March, 2023.

It is going to be Astar Foundation which will be sponsoring this event with a contribution of $75,000, along with Web3 Foundation with $25,000. The total of $100,000 will be duly utilized in the form of a reward in the case of winning projects that are selected collectively by Toyota, Astar Foundation, Web3 Foundation, Alchemy, and also HAKUHODO KEY3. Astar Foundation also happens to be on the lookout for intra-company DAO backing, in terms of the event, to be utilized by the employees at Toyota in future times.

In pretty recent times, it has been observed that, in the case of companies, they have been coming up against the proposition of piling more responsibilities on managers in matters of decision-making and overall staff management. From this very understanding stemmed the decision to develop a DAO backing tool for the concerned firms.

This, in turn, was born from the acceptance that if projects could be managed as a DAO, which happens to be an organization where staff members have the opportunity of working autonomously, with decision-making being evenly allocated, it would ultimately help in a big way, for lessening the responsibilities of the managers and create a more conducive environment.

According to the Founder of Astar Network, Sota Watanabe, Toyota is the biggest automobile manufacturing company. It will indeed be a big deal to organize the Web3 hackathon with Toyota and Astar. In the course of the event, they have plans to develop the very first PoC DAO tool for the benefit of all of the employees of Toyota. This, then, will be followed by the employees interacting with the products on Astar Network on a day-to-day basis.

Where Toyota is concerned, its desire is to utilize Web3 to back its plans to enhance the organization’s overall functioning. In their opinion, it will be the hackathon that will propel things in the correct direction. On its part, the plans of Astar are to be known as the blockchain, which has the total support of Japan. Now, with the setting up of Startale Labs in Japan, it will be the opportunity for Astar to provide more boost for Web3 in Japan.

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Astar Network happens to be actively engaged in backing the creation of dApps with the help of EVM and WASM smart contracts and also provides real interoperability to developers, having cross-consensus messaging (XCM) along with a cross-virtual machine (XVM). On the other hand, HAKUHODO happens to be one of the biggest advertising agencies in Japan. It is involved in the development of Web3 services in terms of client companies and also controls Web3 hackathons.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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