I find the POW mining to be a waste of resources unless it supports some useful activity to create value for the DAC, like providing public storage, cpu power, or other distributed resource for lease, or network bandwidth. The make-work nature of mining was what originally turned me off to Bitcoin. I later appreciated Bitcoin's other features, despite the waste inherent in the mining.
I've noticed in some of the comments in various threads that some people feel that rushing in to be an early bird should somehow entitle them to receive a disproportionately large reward.
I'm favor combining a funding round similar to Mastercoin-Exodus, the concept of Protoshares/Bitshares in Digital Autonomous Corporations (DACs), and proof of stake, decentralized exchange, like NXT. There is reward for early adopters to build momentum while avoiding too much of a bubble and subsequent fall back.
The funding would be an equal number of tranches, say 1000 of 1 BTC each, with a linear decrease of Angel shares per tranche, 10,000 Angel shares for first tranche down to 10 Angel shares final tranche, total cap 1000 BTC for 5005000 shares. 10% additional developer shares, 500500, would also be created for a total of 5505500 initial Angel shares. Investors may purchase partial tranches for fractional Bitcoin. When a tranche is filled, any remaining investment is issued Angel shares at the exchange rate of the next tranche. I would announce a planned launch date for funding and allow presale of shares for equal distribution of shares out of initial tranches sold during presale. The numbers above are for example and could be adjusted prior to launch to suit the community's preferences.
My goal is to incorporate the best features of MSC, PTS, and NXT into a new system which maximizes funding for development, allows plenty of time for investors to participate at a risk level and price comfortable to them, and avoids the initial speculative bubble by providing a smooth buy-in curve. Proof of Stake mining continues the distribution and encourages participation in the network.
The Angel shares are used to fund new start-up DACs, allocated with stakeholders voting to approve new start-ups, start-ups exchanging shares for Angel shares from investors, and then Angelshare DAC exchanging assets with the start up for shares in proportion to the amount of Angel shares invested.
The funding round and development shares are used to fund development with bounties and salaries. Governance is by proof of stake voting with proxy by stakeholders and proxy override as an option at anytime on a vote on a particular issue.