Introducing Autonomous Economic Agents: What is an AEA? | Blockchain AI | Fetch.ai


To understand what an autonomous economic agent (AEA) is, we must first define our terminology. An agent is anything that can be viewed as perceiving its environment through senses and acting upon that environment through effectors. In our context agents act on behalf of someone or something else. Economics is the branch of knowledge concerned with the production consumption and transfer of wealth. Economics focuses on the behavior and interactions of economic agents and how economies work. By ‘autonomy’ we mean independent or self-governing. In the context of an agent, this means it can act without constant interference from its owner. An AEA is an intelligent agent
operating on owners behalf, with limited or no interference
from that ownership entity, and whose goal is to generate
economic value for its owner. AEA’s can be considered as a specific type of agent with a focus on generating economic value. They have well-defined goals such as: – Buy x for me whan it is cheapest – Sell y for me to the highest bidder If x happens, make sure I get why done However, it is important to remember that AEAs are NOT: – Artificial General Intelligence (AGI) Unlike AGIs, AEAs have a narrowly defined goal with a directed focus that involves some economic gain. – An Application Program Interface (API), which has no agency and is not
a separate economic entity. – Neither are they Smart Contracts Smart Contracts allow for credible transactions without third parties on blockchains. Like APIs Smart Contracts require user input in the form of transactions and therefore are not Autonomous Agents. AEAs are focused on generating economic value. They do so through specialized software modules
which we call skills. AEAs autonomously acquire new skills, either through direct acquisition of software modules or shared learning. For example, say an AEA has a goal to acquire concert tickets at the cheapest price, and it already has the negotiation skill
needed to achieve this. As it searches for sellers, it encounters another agent selling tickets via an auction. To participate the AEA can autonomously learn the auction skill, thus allowing it to achieve its goal, without any additional interference from it’s owner. A regular agent would be stuck here, as it would have no way to acquire the new skill. We are developing open source tools that will enable anyone to build an AEA. Some of the people who
might build a AEAs today are: Data Scientists, Machine Learning experts, Engineers, Economists and Web Developers. However, everyone can benefit from using
a AEAs. And as the agent development community grows in both the business and consumer space, there could be a vast marketplace of AEAs for anyone to access. AEA technology may be at the forefront
of the next Industrial Revolution, affecting numerous billion-dollar
industries such as: Transportation and Mobility, Finance, Supply Chain, Energy Trading, Social Networks, Marketplaces and e-commerce. AEA technology returns
control over your life to you. It enables you to own your own personal data, so you can directly benefit from any shared information. This technology will remove
unnecessary intermediaries, reducing friction and costs for buyers and sellers. AEAs take the stress out of modern life
by making it easier to manage. They do this by reducing the need for constant human input, whilst acting on your personal requirements. Returning your time to you! you

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