Bosch and Fetch.ai announce the launch of their joint venture, Fetch.AI Foundation, with a mission to research, implement and leverage Web3 technology for use cases in mobility, industrialization, and consumer products.
The Fetch.ai Foundation will be built upon transparency, openness, neutrality, and data sovereignty. To enable decentralized innovation at scale by utilizing open-source technologies and ecosystems, the Foundation’s three-tier governance structure has been established with careful attention paid to detail in the Foundation’s articles and by-laws.
The Foundation aims to create a technology pool that preserves independence even if the participating members’ commitment depletes. Additionally, it will offer influence and clout to those investing in its ecosystem. The Foundation also plans to manage how much control different entities have on developing its products based on their contribution, which supplied liquidity, intellectual property, codebase updates, and usage levels can measure.
From the start, Bosch and Fetch.ai will lead the management board of the Foundation, aiming to expand it with other significant players in this sector. The Fetch.ai Foundations’ goals are to continually evolve by accepting and adhering to its fundamental principles and design objectives which will stimulate growth from new participants and contributions from those already part of it.
Fetch.ai is dedicated to making the Foundation and its surroundings sustainable and autonomous, from having new members join the management board to voting in new ones, as stated in the Foundation’s articles and by-laws. With this approach, Fetchi.ai will ensure that its ecosystem does not run short of capable individuals who are qualified for such duties.
“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.”
Humayun Sheikh, Fetch.ai CEO and Founder
