Bosch, a leading industrial manufacturer and Fetch.ai, a crypto protocol with an AI focus, have partnered to form a new entity called the eFetch.ai Foundation. The mission of the Founadtion will be to research and advance Web3 technology for practical applications in various fields, including industry, mobility and individual consumption.
What does the Foundation aim to achieve?
Bosch, headquartered in Germany, is a multinational engineering powerhouse and a global leader in industrial engineering and mobility solutions. Fetch.ai, on the other hand, creates autonomous agent technologies that run blockchain-independent or blockchain-accessible peer-to-peer apps with automation and AI features. Using the Cosmos-SDK at its core, the Fetch.ai network deploys smart contracts written in the WASM language.
In order to improve the current system, the Fetch.ai Foundation will focus on promoting the widespread usage of agents, AI and Web3 decentralised technologies in practical settings. To this end, the Foundation will invest over $100 million in industrial AI through its different grant programs, helping to speed up development in the sector with other like-minded companies and organisations.
The Foundation’s management board will be led by Bosch and Fetch.ai, and they plan to incorporate more, as-yet-unnamed industry players in the near future. Significantly, the launch of the new Foundation coincides with rising demand for AI-centric crypto assets among investors and traders. The increased buzz surrounding ChatGPT and Googl’s attempt at building a similar system with its Bard AI platform are likely contributing factors. For instance, in the past month, the value of FET, Fetch.ai’s native token, has surged by more than 200%.
To further the development of an AI-driven peer-to-peer technology stack, Bosch and Fetch.ai are soliciting participation from other industry stakeholders through the foundation. The collaboration couldn’t have come at a better time, what with the pressing need to make the leap to Web3 and the rapidly expanding market for AI-driven processes.