Yeah Bitcoin is a 100% finance thing for a good while now. It's not like price moves up down based on efforts by the open source community behind Bitcoin, it moves by collaborative efforts of traders, speculators, market makers and above all Tether Inc and their cronies.
I have never heard of ergo but if they had an ICO they probably did start an illegal security. Cardano has all the elements of a security. So it is just a matter of time, SEC is taking it slow. I believe the SEC is trying to set a series of legal precidents to be able to take down the 'root of all the evil' - Ethereum. Copycats will easily fall later on.
If you are interested in cryptocurrency perhaps it is worth to cooperate on an established, known to not be illegal security project rather than starting your own.
It is hard to justify having yet another cryptocurrency anyways, as you will fall into the same trap everyone fell in post ethereum - running a unregistered security and living afraid of legal consequences. Lying to the community and spending a fortune on lawyers while the VCs who gave you a push end up with any real money.
It is not my idea anyways, it is something I remember from back in a day. I was interested in the cryptocurrency scene back in 2012, 2013... When things were different. The distribution method I have explained was deployed by Peercoin, the very first proof of stake coin. A brief look shows it is still being distributed in the same fashion and github is active. So clearly there is developer interest.
Ideal allocation is 0% foundation, 0% team, 0% VC, 0% anyone. Protocol starts at some date in the future, these are the rules, this is how much will the block reward be. This is how will block reward behave in 5years from now, and this is how it will be in a decade. Mine away, sell on the market for profit. Keep at this for at least a decade. There is no other way to have a fair distribution.
Everything else is likely a unregistered security token.
Yeah Bitcoin is a 100% finance thing for a good while now. It's not like price moves up down based on efforts by the open source community behind Bitcoin, it moves by collaborative efforts of traders, speculators, market makers and above all Tether Inc and their cronies.