Japanese Automobile Giant Toyota Sponsored This Altcoin! A Sudden Jump in Price Has Been Seen!

Automotive giant ToyotaMulti-chain smart contract network altcoin that could potentially provide management tools for Toyota employees Primer Network (ASTR) sponsored a Web3 hackathon on

Toyota to Experiment with Blockchain Use Cases by Sponsoring Altcoin Primer Network’s Hackathon

The auto giant can use the technology developed in the hackathon to increase business efficiency.

On the Astar Network, one of the first parachains to come to the Polkadot ecosystem, the developers will create an in-house decentralized autonomous organization (DAO) support tool for Toyota that will enable more efficient business decision making and team management.

“During the event, we aim to develop the first proof-of-concept DAO tool for Toyota’s employees,” Sota Watanabe, founder of Astar Network, said in a statement.

“If a good vehicle is produced, Toyota employees will interact with the Primer Network on a daily basis,” he added, noting that while this is an exploration phase, blockchain technology in cars is possible in the future.

In keeping with the theme of using Web3, the hackathon will be held at the COSMIZE Event Hall, the first metaverse in the Astar Network.

This isn’t the first time Astar has collaborated with a major Japanese company, allowing developers to build interoperable decentralized applications (dapps).

In November, NTT Docomo, Japan’s largest mobile network, said it would collaborate with the Astar Foundation and Accenture to accelerate Web3 adoption.

In December, Primer was also awarded “Product of the Year” by the Japan Blockchain Association.

According to DefiLlama data, Astar Network has a total locked value (TVL) of approximately $17 million, or 40% TVL, on its decentralized exchange platform ArthDex.

According to CoinMarketCap, the network’s native token ASTR is up nearly 50% this year, reaching a market cap of $234.5 million.

*Not investment advice.