Paraphrased from the Tokenomics Foundation's value classification (Release Candidate 2, 16 September 2026), licensed CC BY 4.0. The Foundation sets no standard limit on the number of conversion steps.
Glossary entry
Observe, Net, Convert, Book
The four-step claim chain in the Tokenomics Foundation's value classification. Observe gathers the inputs in one unit. Net turns them into one number with one confidence mark. Convert carries the net number into another unit if the audience needs one, and can repeat. Book names where a dollar result lands in the ledger. A claim that stops at Net is complete.
Why it matters
It gives a value claim a visible structure, so each step can be questioned: what was counted, what was netted off, what conversion was assumed and where the money lands.
