- Bosch and Fetch.ai have teamed up to launch Fetch.ai Foundation.
- The foundation features a decentralised innovation model with a 3-tier governance structure.
- The two companies will co-develop AI and web3 technologies.
Bosch has become the latest mainstream tech giant to foray into web3. The German engineering and technology company has collaborated with leading crypto protocol Fetch.ai to launch Fetch.ai Foundation.
Fetch.ai Foundation will develop web3 technologies focused on real-world use cases including mobility, industry, and consumers. The foundation features a decentralised innovation model with a 3-tier governance structure and will incorporate other industry participants in future.
According to a press statement prepared by Fetch.ai founder Humayun Sheikh, “Bosch will help us fast-track Web3 adoption in the industry and encourage other industry players to join us in this journey.”
Sheikh believes that by welcoming more industry participants, the foundation will create more business opportunities for existing Fetc.ai entrepreneurs.
Bosch’s Peter Busch will Chair the Fetch.ai Foundation. Commenting on the collaboration, he said: “Bosch as one of the worldwide leaders in industrial engineering and mobility solutions sees the huge need for smarter technologies and governance to cope with the challenges coming with ever more connected ecosystems regarding safety/security, privacy and data ownership.”
According to Busch, combining “Web3, AI and Open Source technologies with the proven world-class hardware and software capabilities of the classic engineering corporations,” makes the foundation the perfect venture at the right time, with the possibility of adding more partners making the endeavour “even more exciting.”
The Fetch.ai Foundation will leverage technology pooling and open-source ecosystems to ensure sustainability independent of the individual foundation participant’s engagement. According to the press statement released via a Medium blog post, the foundation will be anchored on the values of “transparency, openness, neutrality, and data and technology sovereignty.”
Following the announcement, the Fetch.ai token $FET, which will be the governance token for the foundation spiked by 14% to trade at $0.49 before pulling back later to $0.46.
A decentralised governance model is an ownership structure that uses token staking to allocate responsibilities to members.
Fetch.ai and Bosch will lead the foundation’s management board.
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