Whitecoin is a Proof of Work coin that has successfully transitioned into a Proof of Stake coin with a 2% annual stake interest. During the Proof of Work phase, multipools mined large amounts of the Proof of Work blocks and sold them on exchanges, allowing for wide and even distribution of the coins.
Whitecoin's start was not all smooth sailing. On 26 April 2014, it was discovered that Whitecoin contained errors in the code which prevented a complete transition to the Proof-of-Stake. A 51% attack occurred, allowing someone to double spend and steal over 30 BTC from the MintPal Exchange.
The community has since regrouped and rebranded Whitecoin. All issues have been fixed and a new wallet has also been created that is now fully functional.