Machinkey is used to isolate your application from other applications on the same server. It's more security against vulnerability's. If you have a validationKey you also need a decryptionKey. So your tag is not complete. It should look like this:
<machineKey
validationKey="21F090935F6E49C2C797F69BBAAD8402ABD2EE0B667A8B44EA7DD4374267A75D7
AD972A119482D15A4127461DB1DC347C1A63AE5F1CCFAACFF1B72A7F0A281B"
decryptionKey="ABAA84D7EC4BB56D75D217CECFFB9628809BDB8BF91CFCD64568A145BE59719F"
validation="SHA1"
decryption="AES"
/>
This
msd article will answer all you questions.