Web3 and Token Engineering

The exploration of tokens, in particular different types and roles, is still in the very early stages. The understanding of how to apply these tokens is still vague, especially the important problem of token engineering, which is an emerging term defined as the theory, practice, and tools to analyze, design, and verify tokenized ecosystems. This chapter outlines Voshmgir's main findings and insights in a comprehensive yet comprehensible manner. In the emerging Web3, the read–write frontend remains the same, but the data structures in the backend change. Techno‐social systems handle control of transactions through technical systems that can be autonomous. Web3 networks create complex technology‐enabled social organisms that require an iterative social governance process of finding consensus about policy upgrades. The term cryptocurrency is not ideal, since many of these new assets were never issued with the intention to represent money in the first place.