Certainly. A perfect crypto-currency would be such that could be easily mined by a cpu. This would allow anybody to mine with their PC and earn the same rewards like mining with ASICs or GPUs.
The PoW should appeal to the strength of CPUs: manipulating memory.
Current and future multi-core CPUs are particularly adept at having many threads accessing global
memory, ready to switch to a new thread when one has to wait for a (row-switching) memory latency.
Instead of one-cpu-one-vote, let's aim for
1 memory bank + 1 virtual core = 1 vote
Only a small amount of CPU power should be needed to generate random memory accesses,
with memory access latency becoming the bottleneck, thus making DRAM the ASIC.
As a side-benefit, the minimization of computation makes for a very low-power PoW.
Even phones, while charging at night, could be mining.
Details at
https://github.com/tromp/cuckoo