Fetch.ai, a crypto protocol, collaborates with Bosch to develop Web3 and AI technology
Bosch, a German multinational engineering company, and Fetch.ai, a Cambridge-based artificial intelligence lab, have announced a new foundation focused on accelerating industrial adoption of software agents, AI, and Web3 technology. This new initiative, dubbed the Fetch.ai Foundation, will focus on areas such as research and development and harnessing the application and adoption of agents, Artificial Intelligence, and Web3 decentralized technologies for real-world use cases to improve the existing network.
The goal will also be to help with the long-term development of Web3-powered solutions and services in industries such as mobility, industrial technology, and consumer goods. Fetch.ai's Founder and CEO, Humayun Sheikh, stated in a press release shared with CryptoPotato, " The Fetch.ai and Bosch teams will serve on the foundation's board of directors when it launches. Meanwhile, the emphasis will be on gradually expanding strategic participant growth with businesses seeking to build the infrastructure for a "decentralized digital economy" powered by AI. Peter Busch, Chairperson of the Fetch.ai Foundation, believes that combining disruptive technologies with traditional engineering corporations' proven world-class hardware and software capabilities is critical, paving the way for other partners to join.
It will have a three-tier governance structure and will be inspired by the decentralized innovation model of the Linux Foundation. The foundation's management board will be led by Bosch and Fetch.ai, with other industry participants to be named later. Based on active contributions and participation from its members, the foundation aims to encourage participant growth and contributions from new participants while improving currently-used technical applications. Fetch.ai's token has increased by 12% in the last 24 hours to nearly 5 cents. Fetch.ai did not respond immediately to requests for additional comments.
The establishment of the new foundation coincides with the growing popularity of AI-focused cryptocurrencies among investors and traders. Based on active contributions and participation from its members, the foundation aims to encourage participant growth and contributions from new participants while improving currently-used technical applications. Fetch.ai's token has increased by 12% in the last 24 hours to nearly 5 cents. Fetch.ai did not respond immediately to requests for additional comments. The establishment of the new foundation coincides with the growing popularity of AI-focused cryptocurrencies among investors and traders.