Ultracoin (UTC) is a decentralised open-source cryptocurrency forked from Bitcoin in January 2014. It is a hybrid proof-of-work/proof-of-stake where users can earn coins either by active CPU/GPU mining or by holding the coins. For mining, Ultracoin uses a variant of the scrypt hashing algorithm called "scrypt-jane" (also knowns and "scrypt-chacha") with progressive increase of memory requirements and a combination of hash functions to prevent ASIC mining (mining with highly specialist equipment). The coin launched with a 2% pre-mine. Original announcement.