Agrello, a blockchain startup developing “smart agreements”, announced a token sale for July 16 to fund its “Self-Aware Contracts”. Based on blockchain technology, Agrello’s mission is to allow those “without coding or legal skills to form legally-binding agreements on the blockchain”.
The Estonia-based startup developed a graphical interface enabling individuals to assemble their own contracts based on the system’s offered templates. The Agrello system turns these contracts into code and AI agents then manage and execute the contracts for the users.
Agrello’s smart agreement solution entails a smart contract management system wherein both sides of an agreement are represented by autonomous intelligent agents, which execute the party’s obligation and notify them of any tasks that need humans.
Agrello describes in its paper how it used intelligent agents based on belief-desire-intention software models (BDIs), which are used to program intelligent agents by implementing beliefs, desires and intentions in an agent. Agrello’s intelligent agents operate “off-chain”, so they are not hardcoded onto any blockchain. Instead, they run client side. The Ethereum blockchain makes AI agent’s operations immutable, and also facilitate payments and fulfill obligations on the basis of blockchain smart contracts.
The off-chain AI management system, paired with smart contracts, enable the creation of formal and complex agreements that enable users to update contracts terms in the case that contract terms change or are renegotiated. Agrello’s AI system enables the smart contracts that empower users.
“Agrello Smart agreements are assembled on the basis of a declarative high-level contract language, which we have developed for this purpose,” Professor Alex Norta, Agrello’s Chief Scientist stated. “Agrello’s contracting language treats the parties obligations and rights as its basic building blocks, which allows us to digitize contracts an...