I am sure this was posted here but just in case.
http://www.followthecoin.com/3-new-bitcoin-alternatives-watching/ "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."
