Zeitcoin (ZEIT) is a decentralised open-source cryptocurrency, it was launched as a fork of Peercoin. It began life as a hybrid proof-of-work/proof-of-stake coin that used the scrypt hashing algorithm for the initial generation of zeitcoins. Two months later the coin became a pure proof-of-stake (PoS) coin, initially paying an annual PoS interest of 25%, but this is expected to drop by 5% a year and eventually stay at 5% of annual PoS interest after year four. The coin features fast confirmation times of two minutes. A total of 1% of zeitcoins were pre-mined and allocated for bounties and software development.
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