Premine, also known as PMC, is an alternate cryptocurrency that is defying normal convention in its method of mining and distribution. While some coins are mined, or earn you interest, Premine is exclusively redistributed by its users, and block rewards are generated only by network transaction fees.
The word “premine” refers to the terminology of mining before a coin is officially launched. Although the word has had both positive and negative connotations, it simply refers to coins that have been mined before launch. Since all of Premine was mined before launch for distribution, the name symbolizes its unique method of distribution. Proof of Distribution, if you will. So even though technically all of the coins are “premined”, they are all in the hands of the community.
All of the coins that ever exist have already been created and have been entirely distributed amongst the community. This distribution has continued ever since on all levels, not just by the developer, but by community members and even the exchanges.
The Zeitcoin team are firm believers in The Zeitgeist Movement and what it stands for “Founded in 2008, The Zeitgeist Movement is a sustainability advocacy organization, which conducts community based activism and awareness actions through a network of global/regional chapters, project teams, annual events, media and charity work.
“We are not naive and do not think our coin can replace fiat currency however with our initiatives we have aspirations of making this currency a form of reward/barter system in exchange for goods and services to be used by the general populous that follow and believe in the Zeitgeist Movement. We are here to challenge the current FIAT system by introducing another resource to use against the traditional model. ”
DarkCoin uses a new chained hashing algorithm approach, with many new scientific hashing algorithms for the proof-of-work. This is so that the processing distrubution is fair and coins will be destributed in much the same way Bitcoins were originally. ASICs will be much more difficult to make for these algorithms and will take years.