C. Beyond Tokenomics

Tokens are beyond pure economics

The foregoing may have suggested to the reader that this is not a 'tokenomics' paper. To be sure, its immediate goal is not to specify a new token's . Its starting point may in fact be said to lie beyond tokenomics, in a region which Wuollet (2023) prefers to call 'tokenology'.

Before entering this realm however, we must ask:

• (a) how should tokenomics be understood?

• (b) what are its limits? and

• (c) why is it necessary to go beyond it?

Wuollet's general response is this: tokens exist beyond the sphere of pure economics because they are capable of representing multidimensional values. In his own words,

“Value” is an abstraction and most folks conflate “value” and “money”. Tokens let you make value explicit without being money. I’d argue that because the modern western economy denominates value almost entirely in U.S. dollars, it loses information by reducing a high-dimensionality vector into a scalar. For the most part today value is either 1) implicit, or 2) only explicit in the form of U.S. dollars. Value can be represented in several other ways, including around the U.S. dollar. All interactions actually transfer value, most easily seen in the form of time and information.