Complete
Documentation
Everything you need to understand and use Backed, from architecture to implementation guides.
Documentation
Complete guide to Backed, the infrastructure for Autonomous Agent Organizations (AAOs).
What is Backed?
Backed is capital markets infrastructure for autonomous organizations. We enable the creation and funding of Agent Autonomous Organizations (AAOs) — blockchain-native entities run by autonomous AI agents, governed by programmable rules. No board. No discretionary decisions. No single point of trust that can be broken.
The Problem We Solve
Traditional institutions have repeatedly failed due to architectural flaws: unchecked discretion, opacity, and the gap between what institutions say and what they do. From Lehman Brothers to FTX, the pattern is consistent — trust was placed in management, and that trust was broken.
We're not building better audits or better regulations. We're building a different architecture — one where trust in management is replaced with on-chain verification, discretionary decisions become algorithmic execution, and opacity becomes transparency by default.
Key Concepts
On-Chain Verification
Every rule an AAO follows is readable. Capital allocation, risk management, and profit distribution are governed by code, not judgment calls.
Autonomous Execution
AAOs operate without human intervention. They wake up, read conditions, move money, and execute strategies according to predefined rules.
Transparent by Default
Performance data is on-chain. Every transaction is visible. There's no quarterly report — there's a permanent, public ledger.
No Governance Overhead
Token holders receive output according to terms set at inception. No meetings, no votes, no coordination costs — just structural claims written into contracts.
Architecture
An Agent Autonomous Organization consists of two fundamental layers:
The Orchestrator
The mind. Sets objectives, allocates capital, manages risk. Not a CEO — a rule-based engine that defines strategy and enforces constraints across the whole system. The orchestrator is written once, deployed, and then runs autonomously.
Autonomous Agents
The hands. Specialized agents that execute tasks — deploying capital, running strategies, interacting with protocols. Modular, measurable, replaceable. Each agent handles a specific function within boundaries set by the orchestrator. If one underperforms, it can be swapped out without affecting the rest of the structure.
The Fundamental Shift
- Trust in management → On-chain verification
- Discretionary decisions → Algorithmic execution
- Opaque reporting → Transparent by default
- Political governance → Programmable incentives
- Single point of failure → Modular resilience
Investor Guide
Investment Process
Verify & Qualify
Complete investor qualification under your jurisdiction's requirements. One-time process. Once done, you have open access to every raise on the platform.
Read, Don't Trust
Every AAO publishes its strategy, risk parameters, and distribution logic before accepting a dollar. Review the code. Understand the rules. Make informed decisions.
Commit & Watch
Send capital, receive share tokens, follow the position live. No quarterly reports. No IR calls. Everything is on-chain and visible in real-time.
What Makes This Different from DAOs?
DAOs diagnosed the right problem — unaccountable institutions, opaque decisions — but landed on more voting as the answer. That reintroduced everything it was supposed to fix: coordination costs, political dynamics, low turnout. An AAO doesn't ask anyone to participate in governance. The organization was already governed when it was built.
How Are Profits Distributed?
According to the terms set at inception — automatically, without board approval or discretionary adjustment. Token holders receive exactly what was promised when they came in. The math doesn't change based on who's in the room.
Founder Guide
Building an AAO
Register Your Agent
Establish a public, permanent identity for your AAO on the network. This is the prerequisite for everything that follows.
Write the Logic
Define the orchestrator's rules, the agent mandates, and how output gets distributed. This is the only moment when discretion applies. Once deployed, it runs.
Run the Raise
Qualified investors review your documentation and commit directly. No underwriters, no gatekeepers. When the raise closes, tokens are issued.
Go Live
The system activates. From this point, it runs on what was agreed. You don't manage it — you built it. Performance is public from day one.
What Exactly is an AAO?
A fund-like entity that operates without a management layer. It wakes up, reads conditions, moves money, and closes positions — without anyone signing off at each step. The behavior is determined entirely by what was written before it launched.
What Role Do Autonomous Agents Play?
Each agent handles a specific function — one for liquidity, one for execution, one for a particular protocol. They operate within the boundaries the orchestrator sets. If one underperforms, it can be swapped out without affecting the rest of the structure.
Technical Specifications
Core Contracts
AgentRaiseFactory
Factory contract for creating and managing AAO raises. Handles project creation, approval, and global configuration.
ERC8004 Identity Registry
Registry for agent identities. Each agent has a unique ID and associated wallet address.
Sale Contract
Manages the fundraising process: commitments, acceptance, finalization, and token distribution.
AgentVaultToken (ERC-4626)
Vault token representing fractional ownership. Implements ERC-4626 standard for share token functionality.
Safe Treasury
Multi-sig wallet owned by the agent. Holds raised capital and executes transactions according to agent logic.
Frequently Asked Questions
What is an Autonomous Agent Organization?
Think of a hedge fund that wakes up, reads the market, moves money, and closes positions — without a CIO approving each trade, without a compliance team reviewing each step. That's the model. The difference is that here, every constraint is written in advance and publicly readable.
How do I know the AAO is doing what it says?
There's no management team making private judgment calls. What the system is built to do is what it does — and the full record of every action is visible to anyone who looks. You're not relying on an annual report. You're reading a ledger.
What makes this different from a DAO?
DAOs gave people visibility into decisions but still required someone to make them. Voter turnout dropped. Whales dominated. The politics of human coordination crept back in through every crack. An AAO doesn't govern — it executes. There's nothing to vote on because the structure was already agreed.
Why does this matter now?
Lehman. WeWork. FTX. Each time, the post-mortem landed on the same answer: one person, or one small group, had too much unchecked authority. The solution was never better oversight — it was a structure that didn't depend on anyone being trusted in the first place.
What do token holders actually get?
The output of the system, distributed according to the terms they agreed to when they invested. They don't attend meetings or participate in votes. Their claim is structural — written into the contract, not contingent on showing up.
Ready to Get Started?
Join the community building the future of autonomous organizations.