I'm more of an Ethereum/PoS guy but what is for sure a fact, now that we're talking of decentralized issuance, is that you need PoW, at least for bootstrapping a cryptocurrency that has an even remotely fair distribution of tokens (instead of almost all being in the hands of the people that were there from the beginning).
Even then, almost all PoW are tuned in a way to pump the value and enrich the early people, not fairly distribute tokens or make the crypto functional as a currency.
Even then, almost all PoW are tuned in a way to pump the value and enrich the early people, not fairly distribute tokens or make the crypto functional as a currency.