Am I late to the game?

nope just starting up

Premine : 800 000 and 20% POW is useless. Reward is 20 splitted among 20 miners, so miner will got at most 1 coin per block - useless in front of 800K
So why you are making POW at all? Just like that ?
If i did it the other way around everyone would complain that its unfair for the ICO holders, at the end of the day people will think its unfair no matter which direction i take, the aim is fair distribution, and this way, this is exactly what will happen.