- Fetch Network (FET) blockchain teamed with Bosch to form a new Web3 foundation.
- The foundation aims at harnessing Web3 technology for real-world use cases.
- FET token trades at $0.4862, with a 15% gain in the last 24 hours.
The Fetch.ai (FET) blockchain has partnered with the Bosch Group, a leading tech firm, to form a new Web3 foundation aimed at researching, developing, and harnessing Web3 technology for real-world use cases.
FET network announced this information in a blog post today, noting that the initiative will be named at Fetch.ai Foundation. It aims to help industrial partners build next-generation AI applications across mobility, industrial, and consumer domains.
The blockchain firm added that the foundation would function under the principles of openness, neutrality, transparency, and data & technological sovereignty. Additionally, the foundation will have a three-tier governance structure outlined by its articles and by-laws.
Peter Busch, Chairperson of the Fetch.ai Foundation, says:
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.
Humayun Sheikh, Fetch.ai Founder, says:
Bosch will help us fast-track Web3 adoption and encourage other industry players to join us. More industry applications will also bring new business opportunities for the existing tech entrepreneurs in the Fetch.ai ecosystem.
According to CoinMarketCap, Fetch.ai was founded in 2017 and launched via an Initial Exchange Offering (IEO) on Binance in March 2019. It is an artificial intelligence (AI) lab building an open, permissionless, decentralized machine learning network with a crypto economy. Its utility token, FET, trades at $0.4862, with a 15% gain in the last 24 hours, ranking at position 115 with a market cap of about $400 million.
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