In a recent joint statement, Bosch and Fetch.ai announced their intention to work together to establish a new Web3 foundation called Fetch.ai Foundation. The organization’s stated mission is to study, create, and employ Web3 technology to solve real-world problems in the fields of mobility, industry, and consumers’ everyday lives.
Details of the development
The principles of transparency, openness, neutrality, and data and technological sovereignty will serve as the bedrock of the Fetch.ai Foundation. Following the foundation’s articles and bylaws, there will be a three-tiered system for making decisions at the foundation. The Linux Foundation inspired the foundation’s architecture since it demonstrated the feasibility of large-scale, distributed innovation via the adoption of open-source software and ecosystems.
The foundation’s architecture should prioritize achieving technology pooling to thrive even when individual participants aren’t actively involved. It should also provide individuals who contribute to and rely on the ecosystem’s health a voice and a say in its direction. The foundation will maximize its members’ ability to shape the future of its technology and ecosystem in response to their level of engagement, which will be measured by metrics like the members’ willingness to contribute money, intellectual property, source code, and time spent on the project.
The foundation’s first management board will comprise representatives from Bosch and Fetch.ai, who will actively seek to include more prominent industry figures after that. The Fetch.ai Foundation will develop naturally from the start, taking on its basic ideas and design aims to inspire the development and participation of new members. Bosch and Fetch.ai are dedicated to ensuring the long-term viability and autonomy of the foundation and its ecosystem via recruiting new members to the management board and the subsequent election of new members to the board following the foundation’s articles and bylaws.
Discussions from the upper management
Peter Busch, Chairman of the Fetch.ai Foundation, claims that Bosch, a global leader in industrial engineering and mobility solutions, recognizes the urgent need for more advanced technologies and governance to address the safety/security, privacy, and data ownership concerns raised by the proliferation of interconnected systems. Peter thinks this foundation is the ideal endeavor at the right time because it combines the disruptive Web3, AI, and Open Source technologies with the proven world-class hardware and software capabilities of the classic engineering corporations, and he claims that the more other partners will join, the more exciting it will become.
Fetch.ai’s CEO and co-founder Humayun Sheikh is also enthusiastic about the company’s next step: working with companies like Bosch to bring their Web3 technology products into practical use in many industries. Sheikh is confident Bosch will facilitate the industry’s rapid adoption of Web3 and inspire other businesses to join them. Sheikh also claims that current tech entrepreneurs in the Fetch.ai ecosystem would benefit from expanding the ecosystem’s use across several industries.