InnCoin was developed by Newnote and is backed by 100 grams of physical gold
100 grams = ~$4,200
For an entire currency. With mining spread out over 12 months. I'm not going to do the calculations but the cost of electricity probably exceeds the worth of the coins, or at least makes them barely profitable.
Anyone that started mining this just because it mentions gold needs to rethink their evaluation process. Or you know, actually start having an evaluation process.