For anyone interested in the idea of using blockchain-based digital currency to create a competitive currency scheme, I wrote my undergrad thesis on this topic:
Hayek, a famous Austrian school economist, had the same idea in the 1980s - remove control of currency from central banks and governments, and give it to private institutions, having them compete against one another. Digital currency removes a lot of the technical barriers to issuing a new currency, but technical barriers are not the main barriers to adoption.
http://roymurdock.com/thesis/murdockthesis-final-2.pdf
Hayek, a famous Austrian school economist, had the same idea in the 1980s - remove control of currency from central banks and governments, and give it to private institutions, having them compete against one another. Digital currency removes a lot of the technical barriers to issuing a new currency, but technical barriers are not the main barriers to adoption.