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Ubiquitous connectivity, networked computation, open technologies andadvances in intelligent web approaches enable the third-generation web, Web3.0.Not least due to advancements in crypto technologies adoption in real worldapplications, it is now possible to convert the internet of things (IoT) intoan economy of things (EoT), which basically refers to a heterogeneous digitaleconomy of everything (dEoE). Based on the realization of the deficiencies ofWeb2.0 and the loss of confidence in a central intermediaries based economy, asocietal desire to overcome these deficiencies has emerged. In the beginning,the crypto movement has been enthusiastic about the ability to encode allnecessities for a digital economy in algorithms and code. However, in the meantime, insight has gained ground that on the one hand, designing the EoT is aquite complex endeavor and the resulting system might fail to achieve thetargeted ideals, even when no intermediaries are present. We emphasize thisposition by arguing that the EoT in fact corresponds to a complex systemoperated in open contexts, for which a sophisticated design approach and a setof measures are inevitable, in order to be able to achieve a valid design andoperation. In addition, we argue that the high level guiding principlesnecessary for a valid and effective EoT align well with the ideals of thedemocratized Web3.0 movement, and are no naive rapture, but rather - adequateadoption provided - can lead to socioeconomic efficiency. Over and above, wepostulate that in this kind of EoT, commercial companies not only play a role,but can benefit alongside the society. In more game theoretical jargon, onecould state that it is rational for the society and enterprises to undertakethe effort to establish a valid EoT based on these ideals.

On the importance of system-view centric validation for the design and operation of a crypto-based digital economy