*5.5. Tokenized Value Exchange*

A blockchain-based solution enables the decentralized settlement of value added in the form of crypto tokens [26,58]. The latter may be created entirely without trusted third parties, or intermediaries and exchanged directly P2P [53] while at the same time increasing transaction speed. Since Section 4 stipulates that the legacy financial technologies with a focus on fiat currencies is not suitable and lacks the required utility for the M2X Economy, we put forward further arguments that justify the need for a smart-contract blockchain based token economy. Given the legal and socio-technical complexity of a M2X Economy, it is essential to have a flexible monetary instrument that allows for flexibility with respect to defining for a token the application goals, the properties, the business, and incentivizing governance models. Important for the development of a token model with a specific degree of M2X required complexity is to also target in that process the desired legal-compliance adjustment. Certainly for tokens with a high degree of contextual application complexity, e.g., to tackle governance issues in a M2X Economy, the business-model engineering gains in dominance additionally to legal-compliance assurance.

To expand on the topic of e-governance by tokens, essential for this is the provision of a rich and real-time availability of large data sets stemming from the entities that comprise a M2X Economy. Smart-contract blockchain tokens pose via their incentivized transaction involvement that they facilitate the generation of such data with all economic action involved. With all that, the scope emerges for establishing a novel scientific discipline that may be termed economic systems engineering. Thus, diverse economics and engineering disciplines need to be combined in this novel scientific discipline for M2X Economics in which blockchain-specific consensus mechanisms such as PoW allow for a real-time steering of complex governance scenarios in a trustless collaboration context of complex and adaptive M2X Economies where all services are tokenized themselves.
