if not open ico selling how distribution bit20 coin
or all coin hand in dev
smart coins are created on bitshares when you borrow them using bts collateral, no ico, no premine, all smart coins are backed by bts via smart contracts
just like bitUSD and bitCNY
read about it on bts thread
https://bitcointalk.org/index.php?topic=1949828.0it's kinda what bancor wanted to do but has been working for years on bts, most blockchains are far ahead of eth lol