This sounds like an interesting project, but we can't learn it deeply, since the information provided are still limited.
Waiting for more info to get a deeper understanding about the project.
We have very detailed whitepaper
https://orchidprotocol.com/whitepaper.pdf at glance i can say that our competitor might be for example skycoin
Just went through the whitepaper and it blown me up. This could be one of the most promising project for the year 2018.
Looking forward for the private sale if there will be any and also bounties.