No project can become a competitor to bitcoin in long term, whatever the idea about the project but still someone is behind the project who can change at any time but its not the same with Bitcoin, the satoshi was unknown,is unknown and will be unknown so no government can catch him and put a stop for the project which replaces the current fiat system.
There is no need to try and compete with btc or any other project per say, their focus should be providing a unique alternative to btc type of project which majority will worthy enough to participate, btc is no more easy to mine, if chai can be easy it will bring more people to be part of it, competition is not always the case.