The idea of diginomics came as Wallace R. Wood, a futuristic journalist and author in Houston, considered a request from the publisher of his first book, Cashless Society: A World Without Money (1974). Wallace was to write a sequel to his first book 25 years after the fact about a remarkably different, and nearly cashless society. He now runs operations at Diginomics Central where he publishes writings and media content about the rise of digitized society.
Former Executive Editor of Harvard Business Review and current business book reviewer for CNN, noted that “money now is different … It is no longer a thing … it is a system. Money is a network. Few people realize that money, in the traditional sense, has met its demise."