The value is not in the coin, the value is in the network. The reason Bitcoin, Litecoin, Dogecoin are so valuable is because they have a large network because they were the first movers. Even though they are considered "old" technologies at this point, even Bitcoin with its' SHA256 and 10 minute block confirmations is still the top dog.
Therefore, any competition will be one that provides a network of usefulness that goes beyond what Bitcoin, Dogecoin, Litecoin can do.