Automotive giant Toyota has announced that it has partnered with an altcoin. After this development, the value of the altcoin in question jumped. Here are the details…
Toyota sponsors this altcoin ecosystem
Automotive giant Toyota is delving deeper into the use cases of blockchain technology by sponsoring a Web3 hackathon on the multi-chain smart contract network Astar Network that could potentially provide management tools for Toyota employees. On Astar Network, one of the first parachains to come to the Polkadot ecosystem, the developers will create an in-house DAO support tool for Toyota that will enable more efficient business decision-making and team management. Sota Watanabe, founder of Astar Network, used the following statements in a statement:
During the event, we aim to develop the first DAO tool for Toyota employees. If a good vehicle is produced, Toyota employees will interact with the Primer Network on a daily basis. While this is an exploration phase, the use of blockchain technology in cars is possible in the future.
In keeping with the Web3 usage theme, the hackathon will be held at the COSMIZE Event Hall, the first metaverse of the Astar Network. This isn’t the first time Astar has collaborated with a major Japanese company that allows developers to create interoperable decentralized applications (dapps). In November, NTT Docomo, Japan’s largest mobile network, said it would collaborate with the Primer Foundation and Accenture to accelerate Web3 adoption. In December, Primer was also awarded “Product of the Year” by the Japan Blockchain Association.
ASTR price jumps
According to DefiLlama data, Astar Network’s total locked value (TVL) is approximately $42 million. According to the data, the network’s native token, ASTR, is up nearly 50 percent this year and has a market cap of $234.5 million. Coin, at the time of writing, has experienced an uptick due to the Toyota partnership. The cryptocurrency managed to rise from $ 0.054 to $ 0.063. It is currently changing hands at $0.061, with a value increase of close to 15 percent.
Toyota has been experimenting with Blockchain technology for a while. In 2020, the auto giant announced that it is exploring Blockchain applications for the auto industry through a group of several subsidiaries. Since then, the automaker, NFT, which has been in the “hype cycle” of other corporate giants, hasn’t made a big move despite its metaverse integration. Sponsoring the Hackathon is another important step forward for Toyota to experiment with blockchain technology and potential Web3 integration.
“Toyota is reviewing Web3 to support the company’s vision to improve its operations, and this online hackathon is the first step in the process,” the statement said. The move came as Japan abandoned heavy bureaucracy and got a jumpstart on Web3 policy by enthusiastic politicians. There is now a Web3 policy office under the Ministry of Economy, Trade and Industry (METI). cryptocoin.com As we reported, in November, the country’s digital ministry announced that it would set up a DAO to explore Web3 technology.
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