Bosch is a leading supplier of technology and services in the areas of Mobility Solutions, Industrial Technology, Consumer Goods, and Energy and Building Technology. Additionally, Bosch has in India the largest development center outside Germany, for end-to-end engineering and technology solutions.
The Fetch.ai network is an interchain protocol, based on the Cosmos-SDK, and uses a high-performance WASM-based smart contract language.
This also allows the Fetch.ai network to serve as a layer-1 network for Ethereum and as an interchain bridge to the rest of the blockchain world.
Now both these firms have partnered together in the development of to create a new foundation called fetch.ai foundation which will develop on web 3.0.
This third generation internet will be based on blockchain technology and will be used for the real world technologies such as mobility, industry and consumers.
This foundation has a three tier governance structure and is inspired by the Linux Foundation’s decentralized innovation model.
“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.” said Humayun Sheikh founder of Fetch.Ai in a prepared statement.
And for the moment the foundation partners are expected to be Fetch.Ai and Bosch which may be expanded in the future with some unnamed partners.
Nearly 14% pump for FET
Once the news of this partnership of the fetch.ai with Bosch was announced there was a 14% increase in the native coin of fetch overnight , to trade at $0.4851 currently.
While encouraging currently-used technical applications from members, the Fetch.ai Foundation aims to encourage contribution and growth from new participants as well.