Attach a (Laurent) monomial weight $x_1^{i_1} \cdots x_n^{i_n}$ to each point $(i_1, \dots, i_n)$ of $\mathbb{Z}^{n}$ and call it $\mathbb{Z}^{n}[x_1, x_{1}^{-1}, \dots, x_n, x_n^{-1}]$. Does this formal space have a name (other than the title) or any special properties?
I understand that Newton polygons are studied using this space. How else is it useful?