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Solve the following problem using Python, implementing the functions described below, one line at a time
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Description:
 def is_json_compat(value):
 """ Check that the value is either a JSON decodable string or a dict that can be encoded into a JSON. Raises ValueError when validation fails. """


    try:
        value = json.loads(value)
    except ValueError as e:
        raise ValueError('JSON decoding error: ' + str(e))
    except TypeError:
        # Check that the value can be serialized back into json.
        try:
            json.dumps(value)
        except TypeError as e:
            raise ValueError(
                'must be a JSON serializable object: ' + str(e))

    if not isinstance(value, dict):
        raise ValueError(
            'must be specified as a JSON serializable dict or a '
            'JSON deserializable string'
        )

    return True