Bosch has partnered up with Fetch.ai to develop a new system that will speed up the adoption of AI and Web3.
Fetch.ai is a company that was founded in 2017 and is headquartered in Cambridge, UK. The company aims to create a decentralized, autonomous “smart economy” by combining artificial intelligence, machine learning, and blockchain technology.
The company’s platform enables the creation and deployment of decentralized autonomous agents (DAAs) that can interact with each other and perform tasks in a secure and decentralized manner.
Fetch.ai has also launched several initiatives, including the Autonomous Economic Agent (AEA) framework, which enables developers to create and deploy DAAs on the Fetch.ai network.
In addition to different initiatives, the company has launched a decentralized marketplace where individuals and businesses can buy and sell data and other digital assets by using the Fetch.ai’s token (FET).
Fetch.ai has raised funding from several investors, including Outlier Ventures, FGB Capital, and Galaxy Digital.
Bosch and Fetch.ai will launch Fetch.ai Foundation
The collaboration between the German tech company and the AI firm will result in the launch of the Fetch.ai Foundation. This Web3 foundation will focus its efforts on investigating, developing, and exploring Web3 technology for various uses.
According to Fetch.ai, the Fetch.ai Foundation will be built on four major principles: Neutrality, Openness, Transparency, and Data and Technology Sovereignty. The organization will be governed by a three-tier structure.
The foundation is modelled after the Linux Foundation, which has been proof that scalable decentralized innovation is possible with open source technologies and communities.
The Fetch.ai Foundation aims to achieve technology pooling such that it can survive independent of the individual foundation participant’s engagement while also providing influence and clout to those who contribute and depend on the viability of its ecosystem.
At the launch of the program, Bosch and Fetch.ai will be in charge of the foundation’s board of management. With time, other major players in the industry will be added to the board.
The Fetch.ai ecosystem is expected to become sustainable and independent with the integration of new participants into the management board and electing new board members in the forseeable future.
The foundation will organically grow by embracing its core principles and objectives to boost the number of participants and their contributions.