Merchant Trust Layerworking name

The trust layer for
agentic commerce.

A portable, merchant-owned reliability record that AI shopping agents read before they buy.

The shift

Commerce is moving to agents.

Soon your assistant does the buying, not you. When an agent has a thousand merchants for one product, a single question decides the sale: which merchant does it trust?

Today

Right now, trust is a crude checkbox.

Is it a Google Merchant?
Does it have a Stripe account?
Are the reviews decent?
? Will it actually ship, and refund if it doesn't?

The checks that exist are gameable. The one that matters has no answer.

The flaw

The industry is building trust backwards.

Every protocol verifies
Google UCP
Visa TAP
Mastercard Agent Pay
OpenAI / Stripe ACP
The buyer's agent
Is this bot allowed to pay?
✓ verified
The seller
Will this merchant deliver?
unanswered

"None of the protocols address merchant trustworthiness, reliability, or likelihood of fulfilment." - confirmed across all six, from their own specs.

Why now

Cheap trust breaks when money flows.

3-10x
more gameable than humans - AI agents, in controlled studies
5x
more likely to pick whatever's top-listed or badged - regardless of whether it actually delivers

As real money moves through agents, today's signals become the attack surface - and the defence isn't another gameable badge, it's reliability measured from real outcomes, read from a neutral source no merchant can spoof.

The gap

One seat is empty - by design.

Across every protocol, merchant reliability - will it ship, refund, not defraud - is out of scope. Even the most advanced independent effort verifies merchant identity and explicitly defers the reliability score.

They verify who the merchant is. Nobody measures whether it delivers.

Neutrality

It can't be Google or Amazon.

No agent trusts a rival's say-so. The only trust layer every agent can read is the one no platform owns. UCP is Google-controlled and donated to no neutral body - the centralized seat is taken; the neutral one is wide open.

Neutrality is a position the giants structurally cannot occupy.

Lived it

We didn't research this. We lived it.

KAAL, before

A physical store, a Google Business Profile, and multiple 5-star reviews. Visible, trusted, choosable.

After going online-only

Fulfilment, no retail - so Google revoked the Business Profile, and every review vanished with it. A reliable store, invisible to agents - for a reason that has nothing to do with whether it delivers.

Trust today is rented from a platform and revocable at its whim. We're building the reputation a merchant owns and carries - because we're the merchant who lost it.

The build

A reputation the merchant owns.

Merchant Reliability Recordsigned & verifiable
94reliability
On-time delivery98.2% ✓ courier
Refund honoured99.1% ✓ Stripe
Dispute rate0.3% ✓ Stripe
Orders measured12,400
Ed25519-signed · issued by independent sources · owned by the merchant

Built from real sales, deliveries, refunds and disputes over time - measured from what actually happened, not declared by the merchant. Hard to game: the facts are attested by independent sources - you can't fake what Stripe signs. Graded, so an agent can choose between merchants.

The machinery

Attestation · Verifiable Credential · DID

Attestation

A signed statement of fact. "Stripe attests: 12,400 orders, 0.3% dispute rate." Vouched for by a party with no reason to lie.

Verifiable Credential

The tamper-proof envelope. Issuer signs, merchant holds, any agent verifies - without phoning the issuer.

DID

A self-owned identifier - a W3C web standard, not a token or a chain. No platform issues it or can revoke it; it's the mechanism behind "the merchant owns it."

A merchant holds a tamper-proof certificate of facts, signed by independent parties, under an identity it owns outright - so any agent can verify it's reliable, and no platform can take it away.
How it works

One loop, end to end.

Connect
Shopify, Stripe, courier
Measure
ship / refund / dispute
Sign
portable credential
Publish
domain + UCP
Agent reads
verifies & picks

The merchant connects once. The record refreshes itself, travels everywhere, and any agent can verify it in milliseconds.

Integration

It rides the rails that already exist.

Published as a W3C Verifiable Credential - the same envelope Google's AP2 and Mastercard already use - at the merchant's own domain and in its UCP manifest. UCP agents read it through UCP; everyone else reads it directly.

Cryptographically signed, so nothing on the merchant's page can override it. UCP-compatible, never UCP-dependent.

The data

Populated from day one.

Observe · the thin file

Watch public signals over time - price/stock consistency, review authenticity, store age, policy changes. No permission needed. A baseline record on millions of merchants from day one.

Verify · the full file

The merchant connects real Shopify, Stripe and courier data to upgrade to a measured record.

Thin file to full file - exactly how a credit bureau already works. The bureau is populated before anyone opts in.

Why not them

Everyone touches the edge. No one is in the seat.

Trustpilot / review platforms
Hold self-reported reviews, not measured transactions. Gameable sentiment, not fulfilment fact.
Experian / D&B / credit bureaus
Measure debt repayment, not whether a store ships. The data isn't in any credit file.
Nomotic / AGTP
Built merchant identity; explicitly deferred the reliability score - the exact piece we build.
Google / Amazon
Have the data, but it's locked and non-neutral - no rival agent will trust it.

The intersection - measured, portable, neutral merchant reliability - is the empty seat. That's us.

The prize

Become the default. Not a slice.

Ceiling
The standard, not a share. Trust consolidates to one neutral reference, and no platform can hold the neutral seat. The prize is being the layer read on ~every agent purchase, with a record on ~every merchant. Winner-take-most.
Floor
Even the downside is a unicorn. Convert under 1% of merchants to paid and that's already ~$50-100M ARR. Mass adoption is the goal; a sliver paying is already the win.

A $1T+ channel by 2030. The comps (S&P, Moody's, Experian, D&B) prove trust-data is durable and high-margin - the shape, not a number we inherit. Our edge isn't their regulatory mandate; it's first-mover data accretion, neutrality, and being agent-native.

Business model

The read is free. The relationship is paid.

Shoppers · free

The record is free to read at the point of purchase, forever. Meter the lookup and agents route around it - ubiquity is the moat.

Merchants · the engine, now

Pay to be measured, verified and equipped - distribution, conversion, tooling. Never to move the score. Trusted = chosen = more sales.

Industry · the multiplier, scale

Platforms, processors and underwriters license the dataset (SLA feed, not per-query). They earn on trust decisions at scale.

Revenue never depends on charging for a validation - the one thing that kills adoption. Underwriting transactions with the data is later optionality, not the plan; the raise rests on merchant subscriptions, not a someday-fintech.

The economicsillustrative

Recurring base, data-access upside.

~80%
gross margin
4-5:1
LTV : CAC (≈$4k ARPU, ~3-yr retention)
$0.5M
Y1
$5M
Y2
$18M
Y3
$40M
Y4
~$100M
Y5

Illustrative ARR. The Y4-Y5 jump is the data-access layer compounding on the merchant base as agent volume arrives - not headcount.

Go-to-market

Enter where it already pays.

Land
Verified reliability + AI-readiness for DTC merchants - a product with demand today (Yotpo, Okendo, Profound prove it). KAAL is merchant-zero and the first case study.
Populate
Observe millions of stores from the outside - a baseline record before anyone signs up, so the bureau is never empty.
Expand
Design partners → connected merchants → data-access to the demand side (agents, platforms) as agent volume arrives.

The wedge pays the bills while the forcing function matures. We don't wait for the market - we sell into the one that exists now.

Defensibility

Three moats that compound.

Data

A measured-reliability dataset that deepens with every merchant and every month. It can't be back-filled or copied.

Neutrality

The Switzerland position no platform can occupy - rivals can't be each other's trust authority.

Ownership

The record is merchant-owned and portable - they carry it everywhere, which is why they adopt and stay.

First mover accretes the data and becomes the default reference before any incumbent can turn.

Trust & liability

We report facts. The agent decides.

Facts, not verdicts

We publish measured, independently-attested facts (ship, refund, dispute rates) - never a "safe / unsafe" judgment. Sourced facts are defensible; verdicts get you sued.

Right to dispute

Every merchant sees and can challenge its own record - the credit-bureau correction process. The mechanism that limits liability is the same one that earns neutrality.

Informational layer

We're the data, not a guarantor. Methodology is public; the agent makes the call. Designed in from day one, not bolted on.

The one thing a trust business gets sued over, turned into a credibility and neutrality feature - with the regulatory homework (FCRA-style governance) done early, not discovered late.

Tractionearly · sandbox

The signal moves the agent.

Merchant-zero is KAAL - the same store Google stripped of its reviews. We gave it back a reputation it owns, measured and signed, and asked the agents.

Built

On KAAL's real data, the v1 loop runs end to end: measurement enginesigned reliability credential → published agent-readable, plus the observe-engine and the test harness.

Proved

Pre-registered, 3 models. Handed the signal: KAAL 0%→92% (vs 3% for the same numbers self-declared). Given just a fetch tool, no nudge: agents fetched it unprompted 100% of the time, picked KAAL 70%, dropped to 0% on bad numbers. They read the content, not the label.

Next

Power up the forgery test (clean early pass in hand) to deck-grade n, a paying non-KAAL merchant, then live surfaces.

Honest scope: LLM-agent proxies in a sandbox, not live shopping surfaces. A first in-loop-verify run is a clean early pass - agents took the genuine credential and rejected both the forged and the self-declared one (3/3 vs 0/3; small n, powering up).

Team

The three people it needs.

S
Sam Barton
Vision · commerce
Two decades building scalable e-commerce brands. NeverKO exit; founder of Barton Holdings; operates KAAL - the merchant-zero store.
V
Vincent Schalk
Attestations · product
GM at OneFootball; co-founder of OneFootball Labs; ex-Director, Innovation & Blockchain. Prior exit: Goal Analytics (acquired by OneFootball). Origin of the trust-graph thesis.
D
Dominic Obojkovits
Engineering · cryptography
Co-founder & protocol engineer at Orobit (Bitcoin smart contracts). Former CTO of Cardware Wallet (Africa's first hardware wallet) and Dark Fusion.

Team will grow; these are the key players. Commerce, identity & attestations, and cryptographic engineering - with two prior exits between them.

The honest bet

The bet just got narrower.

We've now shown agents use a verified reliability signal when they see it - 0 to 92%. So the question is no longer "will it work." It's timing and reach: when agents fetch it unprompted and weigh trust at scale in the wild. We don't bet the company on that clock - the wedge pays on today's demand while we accrete the data moat.

The mechanism is proven. The remaining bet is how fast the world arrives - and the wedge pays while it does.

Vision

Start with merchants. Become the trust graph.

Near
The default reliability reference every agent reads before it buys.
Mid
The neutral trust layer under agentic commerce - the rails every agent and platform routes through.
Far
The same machinery carries the individual identity graph - people owning and carrying their own attested reputation. Merchants are where the attestations have ground truth and a payer first.
The askplaceholder - founders to set

Raising ~$2-4M seed.

Engineering 60%
GTM 25%
Ops 15%
Measurement, observation & signing engines
Design-partner program + first sales
Ops & runway

18-24 months to: v1 proof → 100-500 design partners → proven CAC/LTV → first independent issuer → Series A.

The seat

Whoever fills it sits under every agent-driven purchase.

The trust layer is inevitable. It can't be the platforms. It should be owned by the merchants and built on real attestations.

Let's build it.

Appendix · walking the floorillustrative

How <1% clears a unicorn.

Target
$1B ≈ $50-100M ARR at SaaS multiples (10-20x), or ~$30M + hypergrowth in a hot category.
Merchants
At premium ARPU (~$4-5k/yr), that's ~10,000-25,000 paying merchants - on the merchant layer alone.
Share
Against ~20M online merchants (2M+ on Shopify), that's ~0.05-0.12% globally, ~0.5-1.2% of Shopify alone.
The real risk
Market size can't cap us. The levers are acquisition (CAC:LTV), ARPU / positioning, and retention. Data-licensing and underwriting are upside on the same base.
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Merchant Trust Layer