One of the leading AI crypto token projects Fetch AI and German engineering and technology giant Bosch announced a new partnership today, sending the FET price soaring by 12%. The partnership is about a new Web3 foundation, the Fetch.ai Foundation.
The goal is to research, develop and harness Web3 technology for real-world use cases that will span the mobility, industrial and consumer sectors, according to a press release.
While Bosch and Fetch AI will initially co-chair the foundation’s board of directors, the long-term goal is to make the foundation and its ecosystem independent by adding new participants to the board. In basic principle, the Fetch.ai Foundation is modeled on the Linux Foundation.
This means that the foundation will be based on the fundamental principles of transparency, openness, neutrality, and data and technology sovereignty. It will also have a three-tier governance structure to foster decentralized innovation at scale:
An important design goal for the foundation is to achieve technology pooling such that it can survive independent of the individual foundation participant’s engagement, […].
The Foundation will optimize the degree of influence […] based on active contribution […] that can be assessed in terms of parameters such as provided liquidity, IP, code, and usage.
Peter Busch, chairman of the Fetch.ai Foundation for Bosch said that Bosch, as one of the world’s leading providers of industrial technology and mobility solutions, sees a tremendous need for smarter technologies and better governance:
In 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 – this gets even more exciting the more other partners will join!
Fetch AI Token Price Soars By 12%
The establishment of the new foundation comes at a time when the hype around AI tokens has declined somewhat. Fetch AI (FET) hit its yearly high on February 10 at $0.6078 and has seen a consolidation phase since then.
The high marked a year-to-date performance of a whopping 540% which made a consolidation phase more than necessary. But the news seems to have brought the Fetch AI bulls back to life. In order to break out of the sideways trend of the past two weeks, the FET price needs to break above the $0.48 level.
At the time of writing, FET was trading at $0.4831, just above key resistance. Should the price be able to breach the resistance substantially to the upside, the FET bulls’ next target will be the yearly high around $0.60.