The whole argument, in one minute

The core bet, in one line: the agentic economy is the onchain economy. As AI agents become economic actors, they transact on open, programmable money rails, because an economy run by software agents has to run on software money, software contracts, and software coordination, or it cannot run at all. AI supplies the labor. The onchain substrate supplies the form for money, contracts, coordination, and ownership.

1. The firm decomposes, and reassembles onchain

   A company is organized cognition, and labor is its largest cost. That cost shifts to agentic skills, and orchestration reassembles them across the firm's old boundary. Coordination forces it onchain: an accountability chain ties every agent through its wallet and credentials back to a verified entity that answers for it. Autonomy is not anonymity.

2. Money is the substrate; credit is rebuilt on top

   At machine speed, risk-bearing money is dangerous. The base is full-reserve money settled with deterministic finality, where velocity replaces leverage. Credit is not starved but rebuilt on top and reaches further: machine underwriting makes agent working capital the first near-deterministic lending market: cheaper, more abundant, and safer, because it runs on better information, not more leverage.

3. The economy is global by construction

   Money, coordination, and labor all live in software on the internet, with no native jurisdiction. Sovereignty and compliance are reshaped, not abolished; policy moves to the accountable edge, while the protocol stays neutral and the money stays sovereign.

4. The supply side shifts from access to work

   The seat dies as a pricing axis; the unit of value moves from access to work. The model is the cost, the agent is the business. Micropayments arrive at last (for labor, not content) because the buyer is finally a machine.

5. The corporation goes onchain

   The agentic corporation and the onchain corporation are the same entity seen from two sides. It arrives by two paths in parallel: incumbents evolving their legal form onto programmable rails, and De Novo firms built native from day one. The legal shell stays thin; the operational substance (treasury, contracting, governance) lives onchain.

6. The architecture is bivalent

   The same machinery concentrates power and can distribute it. Concentration is the default, at non-forkable chokepoints like the dominant money, the identity layer, and the override key. Broad ownership is the buildable choice. And the labor question is the ownership question: a falling labor share is catastrophe only if ownership is concentrated, and shared abundance if it is broad.

That is the argument in miniature. Whether this becomes the most equalizing economy ever built or the most concentrated is not a prophecy to await; it is a design problem to be solved and a political fight to be won.