Kinda agree with ya, except for 'flawed distribution', it is either give it to people who can afford hardware or give it to early adopters.
You do not need any special hardware for cryptonote mining, you can always CPU-mine. ASIC mining might not be bad but i believe the coin should be at least 50% mined before that has arrived.
XMR which have a good distribution model is currently 70% mined(excluding tail emission) and no asic hardware yet. BTC was 50% mined before asic mining started. Cryptocurrencies in general only makes a few people rich and it is impossible to change that, i am not against early adopters benefitting but xdn has performed rather porrly so far, might get pumped to 20 sats and crash again though).
The xdn network security is bad now even after merged mining and it may have gotten even worse due to minergate having over 50%, the blockreward needs to be at least 10 times higher to secure the network at the current price.