Using proof of work mining on Ethereum for the distribution goes against your goal of being the most decentralized blockchain.

Only a very small group of people will

a) know about KOIN in this 180-day period
b) have access to several hundred dollars worth of ETH for the fees
c) the ability to run a miner

It's basically the STEEM distribution but with the added constraint of needing to pay ETH as well. A simple ICO would have been more inclusive and much less wasteful (how many tons of CO2 will be put up in the atmosphere during this 180 day period?).

Most of this distribution will go to already established miners with CPU farms, just look at this address which is doing something like 4000 MH/s. Either they are running with $100,000s worth of equipment or they have found a way to run the algorithm on GPUs.

If you are thinking about participating, unless you have a really beefy computer or are willing to mine for long periods at a time (ie with a low "proof frequency") you will be better off just buying tokens for the ETH you would have spent on transaction fees anyways.