The coin will first be live on the Counterparty blockchain (XCP). Later on we will move it onto the existing CLAM blockchain with my new PoBS system for rewards and a custom VM (think ETH) for all transactions. On top of that we plan on making it fully anonymous (think XMR).
So in the end you are getting the best of CLAM, XCP, ETH, and XMR all in one coin.
WTF is PoBS?
https://gist.githubusercontent.com/daxxog/9fe4b14946a2f0cf49c2/raw/burningstake
On the topic of initial XCP distribution (aka drop):
When the coin drops (very soon) we will hold a vote for everyone who claimed to see what they want to see happen. If they want to see more darkclam at maybe a lower claim rate as doog suggested, we certainly can do that. Otherwise I will burn everything that is left over and lock the asset supply until PoBS is ready.