Web3 technology infrastructure building Fetch.ai Network and global technology and services supplier Bosch announce the launch of the Fetch.ai Foundation.
The Fetch.ai Foundation reportedly aims to research, develop and harness web3 for industrial applications.
Fetch.ai Network and Bosch reportedly intend to explore the use cases involving “mobility, industrial, and consumer domains.”
Sharing the news, ICO Drops (@ICODrops) tweeted:
.@BoschGlobal and @Fetch_ai are announcing their new partnership to form a new Web3 foundation — https://t.co/b25B8gj5xH Foundation to promote industrial applications using Web3 technology.https://t.co/y9p7FfPQ4O pic.twitter.com/pN5dy8eqyG
— ICO Drops (@ICODrops) February 21, 2023
The Fetch.ai Foundation would have transparency, openness, neutrality, and data and technology sovereignty as its core tenets.
Having a “three tier governance structure” as is apparent from its “articles and by-laws,” the Foundation dawns a Linux Foundation-inspired design. The Linux Foundation exhibits that decentralized innovation gets achievable at scale whilst still using “open source technologies and ecosystems.”
A vital goal for the Fetch.ai Foundation reportedly is 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.
Humayun Sheikh, CEO & Founder, Fetch.ai, said, This is an exciting phase in Fetch.ai’s journey as we will see our Web3 tech products enabling real world industry applications with partners such as Bosch.
Bosch will also help us fast track Web3 adoption in the industry and encourage other industry players to join us in this journey. More industry applications will also bring new business opportunities for the existing tech entrepreneurs in the Fetch.ai ecosystem.
The Foundation is reported to “optimize the degree of influence on the evolution of its technology and ecosystem.” It would do so considering the “active contribution and participation from its members,” the assessment of which would consider liquidity offered, IP, code, and usage parameters.
Peter Busch, Chairperson, the Fetch.ai Foundation, Bosch, said, Bosch as one of the world wide 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.
In combining disrupting Web3, AI and Open Source technologies with the proven world class hardware and software capabilities of the classic engineering corporations, this foundation is the perfect endeavor at the right time — this gets even more exciting the more other partners will join!
Bosch and Fetch.ai would reportedly “lead the Foundation’s management board,” aiming for expansion with other “key” industry participants. The Fetch.ai Foundation is said to focus on organically evolving via “imbibing and adopting its core tenets and design goals,” to motivate participant growth and new participants’ contributions.
Bosch and Fetch.ai would also reportedly elect new management board members in future as per the Foundation’s “articles and by-laws.”
