I am sorry, but this just looks like a hybrid of a normal coin with the IPO crap we have been seeing lately. I think the bitcoin backing of the POS is a very interesting and novel approach. Something that will provide value to the coin as people are going to want to own them in order to share the bitcoin earnings.  

At the same time, the IPO part of it leaves a bad taste in my mouth.  You don't call it a premine, but it is essentially the same thing. You are taking bitcoins in advance of the release instead of the coin itself to cover your costs and profit. Isn't that the same thing?