Report on “Tokenomics is Not Economics” and Wam!Net
This report covers two distinct subjects: the concepts presented in Michael Noel’s book, “Tokenomics is Not Economics,” which introduces a theoretical network called WAMNET, and the history of the real-world company, Wam!Net.
“Tokenomics is Not Economics” and the WAMNET Concept
In his book, Michael Noel introduces the concept of WAMNET, an acronym for a Wireless, Autonomous, Massive Network. [2]This is presented as a foundational “smart network” for the next iteration of the internet, or Web3. The core idea is that this new network architecture moves beyond today’s internet to create a platform where members can access and exchange value in a peer-to-peer environment.
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According to Noel, this platform would enable services to be provided at near-zero marginal cost, fundamentally altering current business models. [2]WAMNET is not a single technology but an integrated system built from several existing and emerging technologies, including:
- Named Data Networking (NDN): A proposed internet architecture that retrieves content by name rather than by location (IP address).
[2]* InterPlanetary File System (IPFS): A peer-to-peer protocol for storing and sharing data in a distributed file system.
[2]* LDNS (Lifetime DNS): The use of a DNS library, potentially with a distributed ledger (blockchain), to create permanent, persistent domain name records.
[2]* Mesh Networking: A network topology where nodes connect directly and dynamically to each other to route data efficiently and without a central hierarchy.
[2]* Advanced Wireless Connectivity: Leveraging technologies like LTE-5 to provide high-speed mobile data access, which miners on the network could provide to users.
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This WAMNET platform is envisioned to support a new digital economy with services like imputed Know Your Customer (KYC), peer-to-peer trading of digital and physical assets, and even autonomous transportation, all transacted with utility tokens native to the platform.
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The History of Wam!Net Inc.
Wam!Net Inc. was a real-world American company founded in 1994 that specialized in digital content and data management services. [2]It became an industry leader in the early 2000s, providing digital data transport, storage, and workflow solutions primarily to the media, publishing, printing, and advertising industries. [3][4]At its peak, the company was recognized as one of the most important firms in the digital content industry.
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However, the company faced financial difficulties. In July 2003, Wam!Net sold its commercial business, including its brand name, to Savvis Communications Corp. [5]The sale allowed Wam!Net’s management to focus exclusively on its wholly-owned subsidiary, Wam!Net Government Services Inc., which designed and managed secure networks for government clients. In August 2004, this remaining entity was officially renamed Netco Government Services Inc. to reflect its new focus.
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The original Wam!Net is now considered a legacy service, and its role in media file delivery has been superseded by modern, cloud-based Software-as-a-Service (SaaS) solutions that are better equipped to handle today’s large file sizes and global workflows. [3]A separate entity, Japan Wamnet K.K., was established in 1999 and continues to operate, offering online storage and file transfer solutions.
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