As part of its commitment towards fostering the popularity of web3, Fetch.ai, a Cosmos-SDK-based protocol has partnered with Bosch, a leading supplier of technology and services. Fetch.ai disclosed the development in its Tuesday blog post. According to the announcement, the partnership will drive the development and adoption of web3 applications for real-world cases.
Worthy of note that the partnership will birth Fetch.ai foundation. This foundation will run in line with the essential principles of transparency, openness, neutrality, and data and technology sovereignty. As outlined in the foundation articles and bye-laws, Fetch.ai will operate as a three-tier governance structure. Meanwhile, its design was inspired by Linux foundation. According to the post, Linux foundation provided a pathway on how to achieve decentralized innovation scale while embracing open source technologies and ecosystems.
Furthermore, Fetch.ai said the foundation was designed in a way that ensure its independent survival. Through its partnership with Bosch, strategies will be deployed to sustain the prospects of the foundation. Notably, Fetch.ai intends to encourage growth and contribution from new participants by adopting its tenets and design goals. Also, both firms further reaffirmed their commitment to ensuring that the foundation and ecosystem are sustainable and independent.
Fetch.ai aiming to expand the popularity of web3 – CEO
Meanwhile, Fetch.ai CEO Humayun Sheikh, made some comments about the partnership. According to him, the protocol decided to embark on the collaboration as part of its mission to foster the web3 sphere. Sheikh further that Bosch wants to help Fetch.ai accelerate web3 adoption and popularity. More so, the CEO believes the partnership tends to avail business opportunities for the launched foundation.
In addition, chairperson of Fetch.ai foundation, Peter Busch also reacted to the partnership. According to him, the partnership with Bosch tends to aid the development of the foundation in the future. Busch further described Bosch as a global leader in industrial engineering and mobility solutions. More so, the chairperson sees Bosch as the right solution to solve the challenges associated with the ecosystem. According to him, the the protocol leverages the combination of web3, AI and open source technologies.
Worth noting that Fetch.ai wants to develop a web3 infrastructure capable of unlocking new peer-to-peer (P2) business models. It plans to leverage on this technology to generate economic value for its organization.