Token in the economic space protocol is a network asset (network derivative). It is a recognition of a networked performance as something exchangeable. It is an entry always into two ledger records at the same time, as an asset in one, and as a liability in another. Thus a token always expresses a relationship (it has an underlying, and is in this sense a protocol equivalent of a financial asset that has an underlying). Linguistically, token is a reference that is framed economically: its meaning is derived from an economic context – the meaning space where the reference is used is loaded with notions of value – which makes its value legible and possibly part of the economic dialogue. It is an economic medium, a medium of expression. From this perspective tokens are like words which you need to express (in our language that specializes in economic relationships). Token is like the unit out of which expressions can be composed – but a special kind of a unit because it can be used to create a whole space you can enter. The token becomes a point of reference in relation to which other expressions gain their meaning. And you can enter these relations (they are spaces). The language framing of the token, understanding it is an expressive medium, reveals its programmable performative capacities and space creation capacities that a language has. See Network asset. See Coin.

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