On the importance of system-view centric validation for the design and operation of a crypto-based digital economy
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Ubiquitous connectivity, networked computation, open technologies and advances in intelligent web approaches enable the third-generation web, Web3.0. Not least due to advancements in crypto technologies adoption in real world applications, it is now possible to convert the internet of things (IoT) into an economy of things (EoT), which basically refers to a heterogeneous digital economy of everything (dEoE). Based on the realization of the deficiencies of Web2.0 and the loss of confidence in a central intermediaries based economy, a societal desire to overcome these deficiencies has emerged. In the beginning, the crypto movement has been enthusiastic about the ability to encode all necessities for a digital economy in algorithms and code. However, in the mean time, insight has gained ground that on the one hand, designing the EoT is a quite complex endeavor and the resulting system might fail to achieve the targeted ideals, even when no intermediaries are present. We emphasize this position by arguing that the EoT in fact corresponds to a complex system operated in open contexts, for which a sophisticated design approach and a set of measures are inevitable, in order to be able to achieve a valid design and operation. In addition, we argue that the high level guiding principles necessary for a valid and effective EoT align well with the ideals of the democratized Web3.0 movement, and are no naive rapture, but rather - adequate adoption provided - can lead to socioeconomic efficiency. Over and above, we postulate that in this kind of EoT, commercial companies not only play a role, but can benefit alongside the society. In more game theoretical jargon, one could state that it is rational for the society and enterprises to undertake the effort to establish a valid EoT based on these ideals.
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