05 · Agents as Economic Parties
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Agents with wallets are not tools. They are parties.

Give an agent memory, reputation, a budget, and the right to sign. It stops being software and starts being a counterparty.

Brokers compress

Information asymmetry was their oxygen. As agents verify claims directly, the middle thins out.

Trust becomes ambient

When provenance can be verified at infrastructure level, trust stops being friction and becomes the default.

Regulation picks winners

EU ESPR and digital product passports already decide which products can be advertised. Whoever sets the schema sets the market.

Fiduciary meets optimizer

Shareholder primacy struggles when an agent acts faster than oversight. Public-benefit structures matter more, not less.