dont think so it able to defeat bitcoin. the reason is there is a lot altcoin that providing better services than bitcoin but still cant compete with bitcoin. for example xlm . xlm got a cheaper fee and faster transaction yet still far away from bitcoin. i dont know what kind services that will be provided by this project that you mention. but i believe there is no way it defeat the bitcoin. if its true bitcoin will be defeated it would be by top 100 in coinmarketcap