For those who are interested, this sort of algebra would be known as the [Grassman algebra or the exterior algebra](https://en.wikipedia.org/wiki/Exterior_algebra). It becomes much more interesting if you use non-orthonormal bases (or non-euclidean geometry), since then you need to introduce a dual basis and distinguish between contravariant vectors and covariant vectors. When you add derivatives to the mix you end up in differential geometry.