# Proof of No Work

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The term "white paper" can be traced to the British government during Winston Churchhill's administration in 1922. It is called a "white paper" because once upon a time, government papers were color-coded, and they assigned the term ‘white’ to any document for public consumption.
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<figure><img src="https://2991483640-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FSUy68P9YxmmHuKKQytXl%2Fuploads%2FrVxpyFOOsbMO7B7ocPQb%2Fto8978548745784.png?alt=media&#x26;token=e0b5fe7a-88a3-4047-9ef8-43380db5994f" alt=""><figcaption></figcaption></figure>

### What Is Proof of No Work?

**Proof of No Work** is a new hyper-deflationary cryptocurrency model featuring **$PoNW** token on the **PulseChain** blockchain. **PoNW** is an automatic reflection token that generates yield via a 3% transaction tax, where 2% is automatically reflected (redistributed) to existing holders & 1% is burned (permanently removed from circulating supply). HODLing **$PoNW** earns you both a larger percentage of each reflection reward & a larger percentage holding of the total marketcap with each transaction on-chain.

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[tokenomics](https://proofofnowork.gitbook.io/proof-of-no-work-whitepaper/ponw-token/tokenomics)
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