- Fetch.ai protocol and Bosch will collaborate in researching and developing web3 technology.
- The two firms will invite other participants later on.
- The partnership has added some oomph to the bullish stance of the FET token.
Artificial intelligence-focused blockchain protocol Fetch.ai and electronics giant Bosch have announced a partnership to create Fetch.ai Foundation. The foundation will research and develop Web3 technology aimed at achieving real-world Web3 use cases in various industries like mobility.
The foundation will have a three-tier governance structure and will be inspired by the decentralized innovation model of the Linux Foundation.
At the moment, the foundation’s management will be the work of Botch and Fetch.ai but will later expand to include other partners in future.
Web3 expansion in the electronics industry
Fetch.ai believe its partnership with Bosch will enable it fast track Web3 adoption in the electronics industry. Fetch.ai founder Humayun Sheikh in a statement 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.”
While encouraging currently-used technical applications from members, the Fetch.ai Foundation aims to encourage contribution and growth from new participants as well.
FET price surges 14%
The news about Fetch.ai partnering with Bosch has sent the price of FET, the native token of Fetch.ai, surging by about 14.67% in the past 24 hours, to trade at $0.4851 at press time.
The bullish price movement adds to previous gains that the token had witnessed based on the rising popularity of AI technology, especially with the rising admiration of the new AI-powered chatting tool ChatGPT. As discussed in a previous article, AI-based cryptocurrencies have been steadily rising since the start of the year as the discussion about artificial intelligence gained traction around the world.