Toyota uses the Japanese blockchain project to test developers’ skills

The Polkadot ecosystem has grown to be both large and rich with individual projects. One such project is called Astar Network, which is not that well known outside of Japan, although this is likely about to change. The network is about to hold a hackathon sponsored by none other than Toyota, Japan’s largest auto-maker.

Toyota’s first Web3 hackathon

Toyota Motor Corporation took notice of the small blockchain project within Polkadot, and the two are now launching a hackathon that will start on February 25th. It will be held in a metaverse environment on the Astar Network, and Toyota will be the main sponsor, as well as one of the judges of the participants.

https://mobile.twitter.com/CryptoLycus/status/1620729795859611650

Toyota did not reveal what amount it paid to sponsor the event, but it is known that Astar Foundation, and the Polkadot-focused Web3 Foundation, kick off at $75,000 and $25,000, respectively.

As for the upcoming hackathon, it is known that it will focus on the DAO support tool for in-house projects, with a reward of $100,000 for the winners, which will be judged by Toyota, Polkadot, Alchemy, and Hakuhodo Key3.

https://mobile.twitter.com/Crypto_Dep/status/1620810210519703553

Hakuhodo Key3 is a company co-founded by Hakuhodo and Astar, and will host the hackathon. Apart from this, the hackathon is important because it will be Toyota’s first Web3 hackathon, and it will allow it to support its vision of improving the company’s operations.

Astar Network is becoming the leading chain in Japan

Astar Network’s COO, Shun Ishikawa, commented that the Japanese market is quite unique due to its inherent cultural differences and language. This means that entering the local market and doing business in Japan is quite different than how these things work in other countries.

The project’s founder, Sota Watanabe, is a local, so the team is working closely with the local top brands, politicians, and alike — all towards the goal of becoming a leader in the Japanese blockchain industry.

Fortunately, I had the opportunity to speak directly with the Minister of Finance, Government of Japan today in person. As a result, I am now more bullish on this year's Web3 in Japan.

— Sota Watanabe (@WatanabeSota) January 12, 2023

Japan Blockchain Association is also quite excited about this project, after conducting a Twitter poll in December, which revealed that the majority would rather choose Astar as their preferred chain for development than Solana, Polygon, or Avalanche. On top of that, the project was selected as the “product of the year” for 2022 by JBA.

While Astar did grow to become the largest parachain, its TVL is only $42 million, which is only one-tenth of what it was in April 2022, when it reached its peak. With that said, the project’s native cryptocurrency, the ASTR token, did perform fairly well in 2023, going up by 50% since the year had started. This makes it a better performer than both Bitcoin and Polkadot.