...and another incentive structure must be developed to encourage decentralized p2p mining.
Switching to an ASIC resistant PoW coin doesn't solve this problem but merely delays the inevitable. As interest and hash power grows ASICS will be developed within time regardless.
I believe it is possible to design a memory hard PoW that is not electrically more efficient on an ASIC, but it will be very slow. I originally didn't think so, but have since realized I had a mistake in my 2013/4 research on memory hard hashes. It is possible that Cuckoo Hash already achieves this, but it is more difficult to be certain and it is very slow when DRAM economics are maximized (although it adds asymmetric validation which is important for DDoS rejection if the transaction signatures are ECC and not Winternitz and for verification when PoW share difficulty can't be high because each PoW trial is so slow).
Cryptonote's memory hard hash can't possibly be ASIC resistant, because by my computation it could not possibly have 100 hashes/second on Intel CPUs and be ASIC resistant.See also Zcash's
analysis thus far.