David Minarsch is known as an expert in the fields of Applied Game Theory and Multi-Agent Systems, holding a Ph.D. from the University of Cambridge. And his work includes the creation of the first multi-agent system framework with native support for distributed ledger technologies and crypto-native payments. As the co-founder and CEO of Valory, Minarsch has been at the forefront of integrating AI and blockchain technology since 2021, pioneering the development of open-source and user-ownable autonomous agents.
Plus, Minarsch has established himself as a visionary leader in the tech industry – most notably by his latest venture Valory, a co-creator of Olas, the platform for co-owning AI, which has generated swarms of AI agents making over a million transactions. Minarsch’s mission through Valory is to enable communities, organizations, and countries to co-own AI systems, starting with decentralized autonomous agents. His work continues to shape the future of AI and blockchain integration, paving the way for more democratic and accessible artificial intelligence systems.
Pulse 2.0 interviewed David Minarsch to learn more about Valory and the Olas ecosystem.
Favorite Memory
What has been your favorite memory working for the company so far? Minarsch said:
“When we set out, people struggled to understand what an autonomous AI agent is and even more so, why you’d pair these types of applications with crypto-native support for e.g. payments. In 2023 and 2024, with the widespread adoption of large language models, the public’s education around the topic of AI agents increased a lot which has led to a much better understanding of Valory’s work. A particular inflection point happened around the OpenAI board drama, when it became very apparent to everyone that centrally controlled AI poses real challenges for our future. Valory and its product Olas have seen a lot of attention since that time. The launch of end-user application Pearl, which enables anyone to operate an Olas autonomous AI agent with the click of a button, was a further exciting milestone as it made Valory’s mission tangible to the end user and led to a lot of positive user feedback.”
Challenges Faced
What challenges have Minarsch and the team faced in building the company? Minarsch acknowledged:
“The intersection of Crypto and AI is a very new one and as such still has a lack of talent density. David is one of the original contributors in this intersection. To this date, there’s only a small, yet growing, number of experts working in this field. From the AI field, the use of Crypto often has a negative connotation, leading a lot of traditional AI experts to dismiss the opportunities that lie in this intersection, particularly around creating and sustaining open-source AI initiatives and new business models that are not possible in centralized and closed AI. At Valory we see this as an opportunity to educate and we have launched the AI Frontiers podcast in response. On the other hand, the developers in Crypto tend to have relatively low expertise on AI and as a result a lot of competitor products only do surface level innovation. Valory, through its longstanding expertise in both crypto and AI, has an edge to distinguish itself as a leader in this intersection. We continue to undertake initiatives to expand the expertise in the intersection, hiring across AI and crypto-native experts.”
Evolution Of Valory’s Technology
How has the company’s technology evolved since launching? Minarsch noted:
“Valory is a pioneering research and deployment company at the forefront of co-owned AI systems. Led by CEO David Minarsch, who is also an Olas DAO member, Valory comprises a team of skilled engineers, researchers, and commercial executors. Their mission is to enable communities, organizations, and countries to co-own AI systems, with a focus on decentralized autonomous agents.”
“Valory’s journey in the blockchain and AI space has been marked by significant contributions, particularly through their involvement with Olas. The company played a crucial role in co-founding the Olas DAO (formerly known as Autonolas) in 2022. Initially established with about 50 participants, the DAO members contributed through software development, product creation, and funding.”
“The Valory team was instrumental in developing the Olas stack, a multi-layered framework that enables the development and deployment of decentralized AI applications. This stack includes a blockchain layer for openness and transparency, an off-chain runtime layer, and an agent application layer. By integrating these components, Valory created a robust ecosystem for co-owned AI that has gained widespread adoption.”
“Valory’s expertise is evident in the creation of the first services using the Olas stack. Notable examples include Governatooorr, an autonomous AI-powered delegate for DAO governance, and Olas Predict, which serves as a pioneering example of a Proof of Active Agent (PoAA)-powered agent economy.”
“A significant milestone in Olas’s evolution came in July 2023 with the launch of the OLAS token via a Liquidity Bootstrapping Pool (LBP). This event, created by Valory, was designed as a one-time occurrence to establish initial liquidity in a decentralized manner, aligning with the DAO’s commitment to decentralization principles.”
“Throughout Olas’s growth, Valory has continued to be a core contributor, regularly enhancing the Olas stack and pushing the boundaries of what’s possible in decentralized AI systems. Their ongoing work paves the way for a future where AI can be collectively owned and governed by the communities it serves.”
“This evolution demonstrates how Valory’s technology and vision have progressed since its launch, from conceptualizing co-owned AI to creating practical, decentralized applications that are shaping the future of autonomous systems and DAO governance.”
“Since its launch, Olas has been developing its core technology stack, which includes two primary components:
- Olas Stack is a comprehensive framework designed to facilitate the creation, deployment, and management of AI agent systems. Leveraging advanced decentralized technologies, Olas Stack offers a robust infrastructure for developing complex autonomous applications with ease and efficiency.
2.Olas Protocol is a set of smart contracts for coordinating, securing, and managing AI agent systems on public blockchains. It provides a mechanism to one, incentivise developers proportionally to their contributions, two, incentivise operators to run useful AI agent systems via Olas Staking, and three, incentivise bonders to provide liquidity, collectively supporting the growth of a decentralised ecosystem.”
“To facilitate a better agent builder and operator experience, Valory recently debuted two additional products to complement the Olas ecosystem:
- Genie is an AI agent that acts like a software engineer to generate autonomous AI agents, thereby revolutionizing the developer experience for Builders in the Olas ecosystem.
- Pearl is a one-of-a-kind desktop app designed to make operating an Olas agent and earning staking rewards, thereby participating in the autonomous agent economy, as simple as possible, for everyone.”
Customer Success Stories
When asking Minarsch about customer success stories, he highlighted:
“One of Olas’s notable use cases involves the development of an end-to-end AI-based prediction market system. Different types of user-operated autonomous AI agents interact to predict the future via prediction markets, leveraging AI tools to make informed bets. Here’s how it works:
- The agent monitors for new prediction markets opening up.
- When it spots a new market, it uses AI tools from the Olas marketplace to analyze the situation and calculate probabilities.
- Based on this analysis, the agent places bets in the prediction market.
- If successful, the agent can potentially earn winnings from its bets.”
Future Company Goals
What are some of the company’s future company goals? Minarsch pointed out:
“Valory’s future goals revolve around expanding the Olas ecosystem and increasing public engagement. Their primary objective is to raise awareness about Olas, with a particular emphasis on the roles use can take within Olas and the resulting opportunities within the ecosystem.”
“The company aims to educate and encourage more individuals to participate in running agents, earning rewards, and contributing to the advancement of user-owned AI and Autonomous Agents. In the short term, they are focused on promoting the simplicity and benefits of Pearl, with the goal of increasing downloads and giving more users the opportunity to earn rewards by running agents.”
“The long-term vision of the company is to foster a thriving ecosystem where an increasing number of builders develop agents, operators run them, and launchers create agent economies with practical, real-world applications. This comprehensive approach seeks to enable Olas’ vision of giving every individual and organisation a powerful autonomous AI agent that they can own and control without any centralized dependencies.”
Core Products
What are the company’s core products and features? Minarsch explained:
“In addition to contributing to the Olas Stack andOlas Protocol, as well as offering Genie, the Valory contributes significantly to Olas Pearl.”
“Pearl is a one-of-a-kind desktop app designed to make staking on Olas and participating in the autonomous agent economy as simple as possible, for everyone. It is not just a tool; but your entry point into the world of autonomous agents within the Olas ecosystem and contribute as an Operator. With no prior experience required, Pearl enables you to run autonomous agents and be a part of a decentralized future.”
Differentiation From The Competition
What differentiates the company from its competition? Minarsch affirmed:
“Valory distinguishes itself in the AI industry through its pioneering focus on co-owned AI systems and decentralized autonomous agents. Unlike competitors who typically offer centralized AI solutions, Valory enables communities, organizations, and countries to collectively own and govern AI. This approach is exemplified by their significant contributions to the Olas ecosystem, where they’ve developed the Olas stack and protocol – a comprehensive framework for creating, deploying, and managing AI agent systems on public blockchains. Valory’s integration of blockchain technology with multi-agent systems creates a unique approach to decentralized AI, emphasizing user ownership and empowerment.”
“Valory’s product lineup also sets it apart. Their AI agent Propel Genie, which can generate other AI agents, and Pearl, a user-friendly desktop app for participating in the autonomous agent economy, simplify the creation and operation of AI agents for a broader audience. Valory’s work on AI-based prediction market systems demonstrates practical applications of autonomous AI agents in decentralized economies. Their open-source approach, deep involvement with the Olas DAO, and focus on building a holistic ecosystem for co-owned AI – rather than just individual products – position Valory as a unique and forward-thinking player in the AI landscape, committed to serving human interests through decentralized, autonomous AI economies.”
Significant Milestones
What have been some of the company’s most significant milestones? Minarsch cited:
– First transaction between two AI agents on Olas
– Launch of Pearl to enable user-owned AI agents
– Olas offers the first crypto-native AI agents with Governatooorr
– Autonomous (AI) agents across Olas have generated more than 1 million in transactions
– Olas agents’ transactions are growing on average at ~5% per week so far in 2024
– Olas has expanded to 8 chains: Ethereum, Gnosis, Polygon, Arbitrum, Solana, Optimism, Base, and Celo
Additional Thoughts
Any other topics to discuss? Minarsch concluded:
“Olas’ goal is to give everyone an autonomous AI agent that is useful to them and fully theirs, without centralised dependencies. Pearl is Olas’ approach to get agents in the hand of many people and kickstart a valuable flywheel of continuous agent improvements. Join the journey now by operating your own agent via Pearl.”
