Fetch.ai, a blockchain-based artificial intelligence (AI) and machine learning platform, has partnered with engineering and technology leader Bosch to form a Web3 foundation — Fetch.ai Foundation.
The Fetch.ai Foundation will research and develop Web3 technology for real-world use cases in the mobility, industrial, and consumer industries. The foundation will have a three-tier governance structure and inspired by the Linux Foundation’s decentralized innovation model.
The design will ensure that decentralized innovation can be achieved at scale while embracing open-source technologies and ecosystems. The design goal is to achieve technology pooling, making it survive without individual foundation participants’ engagement.
Bosch and Fetch.ai will lead the Foundation’s management board and will welcome other key participants from the industry to its board.
Humayun Sheikh, CEO and Founder at Fetch.ai, said:
“Bosch will 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.”
Peter Busch of Bosch will be the Chairperson of the Fetch.ai Foundation. He believes combining disrupting Web3, AI, and open-source technologies with proven hardware and software capabilities will meet the much-needed technology innovation.
Also Read: Here’s How Much Your $100 Investment in Fetch.ai Will Be Worth If FET Reaches $1
Fetch.ai (FET) price skyrocketed by over 15% in the last few hours after the announcement of the partnership with Bosch reaches the market. AI crypto tokens and application has taken over the market by storm amid the ChatGPT hype.
FET price is currently trading at $0.48, up over 15% in the last 24 hours. It has risen over 100% in February alone. The 24-hour low and high are $0.41 and $0.49, respectively. Furthermore, the trading volume has increased by 200% in the last 24 hours, indicating an increase in interest.
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