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How Deutsche Telekom & Bosch leverage Web3 x AI

How Deutsche Telekom & Bosch leverage Web3 x AI

🎣 w3.catch-of-the-week cw07

Vicktoria Klich & Quinn Wilhelm
February 16, 2024

GMGM & welcome to the 🎣w3.catch-of-the-week, your guide to the use cases that fly under the radar, because everyone else is too busy staring at the Bitcoin chart 📈.

But what's actually driving this astronomical pump? 🤔

The answer lies in the growing interest from institutional investors, as evidenced by the inflows into Bitcoin ETFs:

While this increasing attention should theoretically please any early investor with its positive impact on prices, it also raises concerns about the ethos of decentralization.

Consider, for example, the potential launch of an ETH ETF, once asset managers begin to accumulate ET in significant quantities, chances are that they could gain an influential role in governance decisions.

This shift could threaten decentralizationby placing power in the hands of the few rather than the many, calling into question the fundamental principles of blockchain & cryptocurrency.

What’s your take? 👉 Let’s discuss it.

✨ A New Way of Engaging a Community
🔨 Build the Future of the Internet with us
🤖 What are Autonomous AI-Agents?
🤩 Future of Artists & Fans powered by Web3
💸 These start-ups have received venture capital

The Evolution of Tokens: Where are we Heading? 👀

The biggest issue with NFTs today is they're hard to sell unless you find a buyer (✨duh✨). Traditional solutions have tried to make NFTs more liquid through placing bids but still rely on finding someone interested in buying your specific NFT.

💡 But recently a new solution emerged: What if you could have the best of both worlds? Combine the easy-to-trade aspect of fungible tokens (like $USDC, $UNI etc.) with the uniqueness of NFTs.

teachervick030

This leads to a scenario where e.g.: “Project ART” releases a new collection

You buy an “ART” token
The Token is linked to a randomly generated art piece (comes as NFT).
If you don't like the art, you can sell the token.
As soon as a portion of your token is sold, the linked NFT gets automatically burned.
If you would like to get a new art piece, you need to own a full ART token.
As soon as you own a full token you will get a new randomly-generated art piece (NFT).

For Example: You own 1.1 ART = 1 Art piece (NFT), You own 1.9 ART = 1 Art piece (NFT), You own 2 ART = 2 Art pieces (NFTs)

🤔 What’s the Difference?

This means you essentially have direct liquidity for your NFT because you're dealing with tokens that can be easily bought and sold, assuming there's a liquidty pool for the token.

The principle just described is known as the ERC404 token standard, which you have probably already heard of.

The Downside 📉

This is currently not yet an official token standard (an application has been submitted)
The gas fees for transactions are very high - around 2.5 times higher than for normal NFT transactions

😂 Fun Fact: The original developer, who turned out not to be a developer, developed the token with the help of ChatGPT. Read the full Story.

💌 Your Chance to Experience the Web3 Community

We often speak of community, networks, and connections, yet without tangible experiences, these concepts remain abstract.

Get ready for an exclusive peek behind the curtain: We're inviting 10 of you to discover firsthand what it means to work at w3.hub.

📅 Here's what we've planned:

9:30 AM - Open Doors, Co-Working 💪

10:30 11:30 AM - Community Brunch 🍎

5:30PM - 7PM - Checkout Drinks 🥂

Telekom & Bosch 🤝 Fetch.ai: The Power of AI Agents

Deutsche Telekom, Bosch and the Fetch.ai Foundation are joining forces to explore the frontiers of AI and Web3 technology. The goal: Developing an accessible platform that combines best of both worlds.

What is Fetch.ai 🤔

The Fetch.ai Foundation, established by Bosch and Fetch.ai, is a non-profit organization based in the Netherlands. Fetch.ai is a platform that integrates blockchain and AI to facilitate the creation of autonomous agents capable of carrying out tasks autonomously such as resource allocation, transaction processing, and traffic flow analysis without the need for human oversight.

Utilizing the Cosmos protocol, Fetch.ai provides an open-source framework that fosters innovation in numerous fields, including healthcare, automotive, supply chain, and digital identity management.

About the Partnership 🤝

This partnership leverages AI-driven autonomous agents for resource management, transaction processing, and traffic analysis across sectors like infrastructure and communication.

How do AI-Agents work? 👀

AI agents merge data perception with learning and decision-making. They sense their environment and use AI to process information. From this, they autonomously act to meet goals, learning and adapting over time to enhance efficiency and tackle challenges.

Why Blockchain? 🗝️

Blockchain is the backbone that ensures transparency, security, and trust. With blockchain, every action and transaction made by these AI agents is recorded on a tamper-proof ledger. This means higher security for our data, robust protection against fraud, and a foundation of trust for transactions without intermediaries.

🎸 Music Meets Web3: The Future of Artist and Fan Interaction

Web3 is revolutionizing the music landscape by providing artists with innovative distribution methods and granting them full control over their creations, while simultaneously crafting a global stage for fan interaction.

Challenges in the Music Industry 🤔

Currently, the music industry faces several issues, including limited direct interaction between artists and fans, and the complexities artists encounter in managing their music rights.

How Web3 fixes this ✅

Web3 addresses the challenges in the music industry by utilizing specific technologies in unique ways:

Blockchain provides a decentralized and transparent ledger where each transaction and ownership detail is recorded securely.

👉 This technology allows artists to upload their music directly onto the blockchain, ensuring that they retain full control over their work. It also enables transparent royalty payments, ensuring artists are fairly compensated for their music's use and distribution.

Smart Contracts automate the execution of agreements between parties, such as the distribution of royalties or the transfer of ownership for NFTs.

👉 When a fan purchases a track or streams music, the smart contract automatically executes the payment and distribution of royalties to the artist. This removes the need for intermediaries, reducing costs and increasing efficiency.

NFTs represent ownership of unique items or access rights on the blockchain. In the context of music, NFTs can represent anything from ownership of a specific track, album art, or exclusive access to content and experiences.

👉 This not only allows fans to own a piece of their favorite artist's work but also provides artists with a new revenue stream.

Fungible Tokens are acting as digital currencies that facilitate transactions and reward systems within platforms. For instance, Gala Music utilizes its own fungible token, the $MUSIC token.

👉 Within the Gala Music ecosystem, fans can earn $MUSIC tokens by streaming music, sharing tracks, or engaging in community activities. These tokens can then be used to purchase music, NFTs, or exclusive experiences, creating a closed-loop economy that rewards both artists and fans for their participation.

To round off today's episode, I have brought you my 3 favorite investment headlines of the last few weeks, let’s dive in:

$3.44B
Microsoft announces a $3.44 billion investment in Germany to enhance AI infrastructure, marking its largest investment in the country in 40 years, aimed at building new data centers and promoting AI skills development.

$75M
Focus, a decentralized SocialFi app on the DeSo blockchain, supported by Coinbase, raises $75 million in token reservations within a week. It aims to transform the social media and creator economy by offering lower fees and innovative monetization options.

$13.5M
Ultiverse secures $13.5 million in funding, reaching a $150 million valuation, to advance its AI-driven Web3 gaming platform, enhancing user experience with innovative technology and expanding the ecosystem with new gaming and interoperability features.