Wtf is up with a 70% premine? And the premine is actually most likely more than 70% because there is no public pool yet.
after block 1,000. proof of work ends, the premine is used for airdrop distribution...otherwise there's no other way for new users to get the coin.
Proof of stake coins are not mineable like PoW coins. google proof of stake for more information, or read front page of ANN...we have a wiki