Definition of Autonomous Economic Agent (AEA)

Definition of autonomous economic agents, meaning of AEAs, AEA framework, Latest Framework released and lots more.

An intelligent agent by Fetch.ai and IOTA foundation that makes decisions on behalf of its owner for the purpose of economic benefits, and is free from external influence.

Autonomous Economic Agent (AEA)

Real-time data processed and actions taken when AEA is connected with other Artificial Intelligence apps. Fetch.ai is an artificial intelligence and machine learning based blockchain platform for this connection.

Economic agents are able to act independently with no external influence when they are in connection with IOTA streams from fetch.ai. They are able to share and retrieve real time data which would allow them take actions. AEAs are most useful to take quick decisions in financial markets in order to make higher profits.

AEAs though autonomous in nature follow some already laid down rules. Also note that they are quite different from APIs and smart contracts. Fetch.ai permits anyone to create a suiting AEA on its platform.

Economic Agent Decisions

An economic agent is one who tries to make the best decision for available resources. This could be a person, group of persons or an entity. The economic agent allocates these resources in such a way that would give a satisfactory result. A very common example is someone involved in an economic activity such as the purchase of goods and services or the sale of an asset. Hence, anyone or anybody can be an economic agent.

Over time, some computer programs were designed to mimic the actions of a human economic agent giving room for bots. These bots are now said to be economic agents, hence it is necessary to look closely at the notion behind autonomous economic agent.

Autonomous means ability to exist independently; having the right or power to self-government. Therefore,An autonomous agent is a computer software designed to have such capabilities. This agents are expected to have goals and pursue it with external supervision or control and also through a self-generated means.Autonomous Economic Agents have recognized the basic chars by professionals in economics. However, It was recognized as the foundation for any economic theory that has to do with rationality of economic actors. An instance is the belief that economic agents rationally pursue personal goals. This time even without influence from the outside such as government regulations or other factors. Definition of Autonomous Economic Agent (AEA)

Autonomous Agents

An autonomous agent operates on behalf of its owner and also without the owner influencing its operation .

Thus, autonomous agent must be an intelligent agent to be able to handle such responsibilities. The IBM white paper defines Intelligent Agents as:

Software entities that carry out some set of operations on behalf of a user or another program with some degree of independence or autonomy. So employ some knowledge or representation of the user’s goals or desires.

These agents must be part of a natural or technical environment, senses the state or situation in the environment and takes decision based on the situations in pursuit of its own agenda. The agent’s actions change part of the environment status and what s senses. The agenda of autonomous agent derived from programmed goals.

Software agents, autonomous robots, intelligent agents are non-biological examples of such robots.

Additional Information on AEA

There is a rising need to automate and communicate processes, devices and activities in the 21st century. Sadly, just a few block chains is available to handle a billion number of transactions. And none of them yet is able to allow clients learn from exchanged and generated data. Definition of Autonomous Economic Agent (AEA)

On fetch.ai platform, the goal is to connect devices to be able to get information(meaningful data) making it easier to create new markets based on what these devices learn from each other. Here, the best autonomous decisions is sure.

Through a distributed network which contributes to the association of ‘’agents’’ that explores and negotiate in an economic internet, fetch.ai furnishes the autonomy community.

One of our huge responsibilities is ensuring the new multi-agent system based economic model happens. And this is by delivering the fundamental protocol and framework needed.

Meaning of AEAs

AEA stands for Autonomous Economic Agents. An autonomous Economic Agents is stand alone agents who not influenced externally. They are self-governing and need no external supervision of any kind. They take financial rewarding decisions on behalf of their owners.

AEA Framework

The AEA framework allows developers build AEAs with less stress by providing efficient and accessible tools by implementing Python language in a development suite. This framework is composable, extensible, modular. It is similar to popular web development frameworks hence, simple to understand by the developers.

The goal of AEA is to provide economic benefits for the owner in a well-stated domain. They take independent actions based on constant input given by the owners to achieve their goal which is to bring you benefits.

Here are some AEAs demo guides and application areas.

Latest Framework Released!

The latest, smarter Agent Framework which is the Agent Framework 0.6.1 is now available.

The Agent framework undergoes update regularly but, here are some specific new changes that will be helpful to several agent projects in development:

1. Previous developments faced the challenge of lookups failing due to the presence of outdated matches. Hence, in this new version, any irrelevant address in the Distributed Hash Table discarded.

2. Reviewed soef connection and search protocol to support new features. This includes an in-depth search return data and added registration commands.

3. Reviewed multi-documentation sections, not excluding soef and guide on usage.

4. A number of multiplexer review and fixes including disconnection issue and configuration exception policies.

5. All protocols no 100% while tested and In-depth new benchmark scripts.

Other changes includes addition of README commands files to all skill. HTTP header support in http server connection, and many minor adjustments including bug fixes.

These changes are to support the current development of the fetch.ai distributed delivery network, hotel and representative agents and several other projects. This is indeed wonderful!

Also remember, the developer slack is here for your assistance, or support and of course to attend to your questions.

List of more things to learn

  1. Blockchain Technology
  2. Defi
  3. NFTs
  4. DAOs
  5. Crypto
  6. Web 3.0
  7. Altcoin Tokenomics
  8. Metaverse
  9. Smart Contracts

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