March 19, 2024

peaq joins the $100 MLN Fetch.ai Foundation to unlock AI for DePINs

What is happening?

peaq joins the Fetch.ai Foundation, an AI and Web3-focused non-profit with a $100 MLN allocation co-governed by Fetch.ai and Bosch representatives.

Why is it important?

By joining the Foundation, peaq will help the DePINs in its ecosystem to leverage AI and will bolster the Foundation’s push for AI-driven decentralized automation.

What does it mean for the community?

The development sets the foundation for more successful collaborations with Fetch.ai and Bosch in the future, which will create more network activity and value on peaq, and also unlock new opportunities for using AI to optimize DePIN rewards.

Where Internet of Things, AI, and Web3 converge

The Nintendo fans among us know that three is a magical number. In the revered Legend of Zelda games, the Triforce is an ultra-powerful artifact made up of three pieces: Power, Wisdom, and Courage. Once assembled, the Triforce can pretty much bend reality itself to the wielder’s will, granting them a wish of a world-changing magnitude.  

Is the Fetch.ai Foundation a cool golden triangle from ancient times? Nope, last time we checked, it wasn’t. But under its banner, AI, Web3, and the Internet of Things will now converge into something as world-changing as the wish you get from the Triforce — and it’s packing a $100 MLN allocation to work that magic. 

The Foundation is a non-profit co-governed by representatives of Fetch.ai, an open platform for the new AI economy, and Bosch, the leading global IoT manufacturer. Its goal is to advance innovation in AI and Web3, resulting in a new, decentralized paradigm for smart automation. And, as you probably read in the title, peaq is now joining in.

As the home for decentralized physical infrastructure networks (DePINs), peaq will contribute its layer-1 blockchain primed for real-world applications for collaborations within the Foundation. It will work as the backbone for boosting AI-driven automation in the Economy of Things — a new economic paradigm where connected devices will create value autonomously, leveraging Fetch.ai’s AI Agents. 

This unlocks a new era for intelligent decentralized applications and AI use in DePINs in a diverse variety of areas, from smart mobility and energy management to Web access and data crowdsourcing. Builders, developers, businesses, and everyday people alike are set to benefit from this tectonic change:

  • Builders and businesses will get to implement AI Agents as part of their real-world dApps and DePINs, enabling such use cases as smart power grids that self-manage their workload or smart vehicle charging marketplaces providing optimal pricing.
  • Device owners will be able to tap AI Agents to have their devices join multiple DePINs and switch from one to another in a way that optimizes their rewards on the go.

As an example of how all of this can work, imagine an AI agent representing your smartphone, collecting data as part of several DePINs — navigation, sound pollution, light pollution, etc. The AI agent is keeping track of the rewards different DePINs offer for the respective data they crowdsource and makes sure that your rewards are always as juicy as they can be. Sounds exciting? Well, guess what — this concept has already been tested

The track record of collaboration

The development builds on the prior collaborations between peaq, Fetch.ai, and Bosch within the Gaia-X moveID project and beyond. Earlier, the parties revealed a project that turned a Bosch XDK device into a smart sensor hub capable of connecting to multiple DePINs and maximizing the owner’s rewards by using a Fetch.ai AI Agent. The project will work as the foundation for further joint initiatives between Fetch.ai, peaq, and Bosch.

"We are delighted to welcome peaq to the Foundation. This partnership demonstrates our commitment to leveraging AI and blockchain for individual and business empowerment. Together, we aim to unlock their full potential, building a decentralized and user-centric world."

— Humayun Sheikh, Founder of the Fetch.ai Foundation and Fetch.ai
"We are happy to welcome peaq to the Fetch.ai Foundation. As an important Web3 protocol aimed at real-world applications and DePINs, peaq has already proven its capacity as an important building block for the Economy of Things Ecosystem, and we are looking forward to advancing AI-powered decentralized Autonomy with peaq and Fetch.ai."

— Peter Busch, Global Product Owner for Distributed Ledger Technologies at Robert Bosch GmbH and Chair of the Fetch.ai Foundation
"Joining forces with Fetch.ai and Bosch is an exciting step forward in our journey to revolutionize real-world applications with blockchain technology. We look forward to contributing our expertise and collaborating on groundbreaking projects that will shape the future of intelligent automation in the Economy of Things."

— Leonard Dorlöchter, co-founder of peaq

Earlier this year, Deutsche Telekom, one of Europe’s largest telecom companies, joined the Foundation as its first corporate partner. Also this year, C4E, a Web3 energy project, joined the Foundation to advance decentralization in the sector.

Join the Economy of Things

Latest

All blogposts