Ultracoin is a hybrid proof-of-work / proof-of-stake coin and can be mined with both CPU and GPU. Ultracoin is ASIC resistant and uses the Scrypt-ChaCha hashing algorithm. Scrypt-Chacha uses an N-Factor that determines the amount of memory required to solve a share.
It is 2% pre-mined with 1.6% allocated for the IPO, 0.3% for the developers and 0.1% for rewards. The block time target is 30 seconds and the block reward halves every 990,000 blocks. The Ultracoin network is scheduled to produce 100 million UTC, which is almost 4.5 times as many currency units as Bitcoin's.