Gubelstrasse 12
6300 Zug

Architecting Autonomy

Weaving the economy of the future through research & development at the intersection of multi-agent systems and distributed ledger technology



Valory is a team of scientists, engineers and creatives who seek to deliver world-leading, cutting-edge research, products and services at the intersection of multi-agent systems (MAS) and distributed ledger technology (DLT)
David Minarsch

Co-founder, CEO

David led the team which built the first framework for developing MAS in the DLT space. He has founding experience via Entrepreneur First and a PhD in Applied Game Theory from the University of Cambridge.

David Galindo

Co-founder, Chief Research Officer

David is a renowned scientist in the field of cryptography. He has served as an Associate Professor of Computer Security at University of Birmingham and holds the world record for number of votes in a live digital voting ballot.

Oaksprout the Tan

Co-founder, Growth

Oaksprout has made significant contributions to a number of cryptonetwork communities by developing well-used ecosystem tools, education sites and community building efforts.


Ecosystem Program Consultant

Adamantios Zaras

Machine Learning & Data Engineer

Adriano Bradley

Ecosystem Associate


Senior Crypto Engineer

Solidity Engineer

Camelia Cucolea

Brand Designer

David Vilela Freire

Senior Python Engineer

Gemma Welsh

Founder Associate

José Moreira-Sánchez

Senior Cryptography Engineer

Mariapia Moscatiello

Research Scientist

Michiel Karrenbelt

Python Engineer

Mohan Das

Frontend Engineer

Thomas Maybrier

Community Manager

Viraj Patel

Junior Python Engineer


Trading Agent Competition with Autonomous Economic Agents

David Minarsch, Seyed Ali Hosseini, Marco Favorito, and Jonathan Ward


We provide a case study for the Autonomous Economic Agent (AEA) framework; a toolkit for the development and deployment of autonomous agents with a focus on economic activities. The use case is the trading agent competition (TAC). It is a competition between autonomous agents with customizable strategies and market parameters. 

Peer-to-peer Autonomous Agent Communication Network

Lokman Rahmani, David Minarsch,

Jonathan Ward

Reliable and secure communication between heterogeneously resourced autonomous agents controlled by competing stakeholders in a decentralized environment is a challenge. Agents require a means to find each other and communicate without reliance on a centralized party and participation in the system must be permissionless.

Autonomous Economic Agents as a Second Layer Technology

for Blockchains

David Minarsch, Seyed Ali Hosseini, Marco Favorito, and Jonathan Ward


The user experience of interacting with distributed ledger technologies (DLT) is fraught with excessive complexity, high risk and unintuitive processes. Moreover, smart contracts deployed in these systems are restricted to being reactive. These limitations have negative implications on user adoption and prevent DLTs from being general purpose.


Robust Subgroup Multi-Signatures for Consensus

David Galindo and Jia Liu


We introduce a new multi-signature variant called robust subgroup multi-signatures, whereby any eligible subgroup of signers from the global set can produce a multi-signature on behalf of the group, even in the presence of a byzantine adversary. We propose several constructions that improve multi-signature computation time.

Fully Distributed Verifiable Random Functions and their Application to Decentralised Random Beacons

David Galindo, Jia Liu, Mihai Ordean and Jin-Mann Wong

We provide a systematic analysis of two multiparty protocols, namely Distributed Verifiable Random Functions (DVRFs) and Decentralised Random Beacons (DRBs), including their syntax and definition of robustness and privacy properties. Our new DRB instantiations are extremely efficient and enjoy strong and formally proven security properties.

An Offline Delegatable Cryptocurrency System

Rujia Li, Qin Wang, Xinrui Zhang, Qi Wang, David Galindo and Yang Xiang


We propose DelegaCoin, an offline delegatable cryptocurrency system that uses trusted execution environments (TEEs) as decentralized "virtual agents" to prevent malicious delegation. In DelegaCoin, an owner can delegate his coins through offline-transactions without interacting with the blockchain network. 


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Valory AG 
Gubelstrasse 12
6300 Zug

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© 2021 by Valory AG

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  • Twitter
  • LinkedIn

Valory AG
Gubelstrasse 12
6300 Zug

© 2021 by Valory AG

Privacy Policy