Most of the Alt currencies coming out recently offer few to no changes from the original Bitcoin code. Not that I'm against them, I have more holdings in Alts than in Bitcoins anyhow.

What this coin would try to accomplish:
-Reduce profit for early adopters (but still have it there)
-Resist ASIC devices through a dynamic hashing algorithm
-Resist strong hashrate manipulation
-Well-known genesis block generation


Reducing profit for early adopters:
Bitcoin was made in such a way that early adopters made BANK. Early people to the Bitcoin scene mined blocks with 50 coins with ease. Now, mining a block worth half of that is extremely difficult. Not only does the mint rate of the network decrease over time, it does not increase with increased demand. This makes the perfect environment for mega early profits. These helped establish Bitcoin as a worldwide currency, by encouraging adoption for later profit.

Faircoin (or whatever it be called) . . . would instead increase mint rate with hash rate in such a way that early adopters still benefit, but late adopters aren't as screwed. In a nutshell, I think it would be fair to increase mint rate with the square root of hashrate: 1GH/s network speed (total) would mine 1 Faircoin per block. 2GH/s would mine ~1.4142 Faircoins per block. 4GH/s would mine 2 Faircoins per block. 16GH/s would mine 4 Faircoins per block.

In a way like this, Faircoin would expand with market demand, while still maintaining profitability for early adopters. Quick difficulty changes would allow the network to buffer against huge spikes in network speed by quickly adapting to the new mint speed. As well, instead of the block halving every 4 years, with faircoin every 2 years there would be a 2x increase in mint rate, as very quickly that square root is dwarved by the hashrate. The "doubling" would help to further work to make the coin more fair for a longer period.

Resisting ASIC devices through a dynamic hashing algorithm:
Through a dynamic algorithm with special step orders (basically, mixing and entropy-reducing steps) that would evolve over time (step order for next "round" would be determined by last digit of the last block of the previous round?). Mining programs would have the new step order pushed to them by pools or from the Client itself during solo mining. This changing step order would make ASICs hard to make and expensive to plan. As well, some of the steps would be high-memory steps that require lookup tables based on the last block's hash.

FPGAs would be possible, but also harder to make, and likely more expensive due to extra memory requirements. GPUs and CPUs would have no trouble with the changing step order, and GPUs would encounter minor resistance with the extra memory requirements.

Resist strong hashrate manipulation
Due to fast difficulty changes and the sqrt(hashrate) = mintrate, extreme jumps in hashing power would be adjusted for quickly, so there wouldn't be a >1000 block lag between new hardware and new difficulty. Difficulty would be implemented as it is today implemented in Bitcoin, Litecoin, etc.

Genesis block well-known
Not only would the genesis block be well announced before hand, a test-net would be up for at least a week preceding the official launch so people can get their miners configured, purchase hardware for mining if they desire, and experiment with the dynamics of the currency.

I unfortunately don't know enough to make this type of coin (at least not yet) but I think it would be an interesting idea for a alternate coin to approach.