Sounds like another case of bad crypto, which I would lump in with Bitcoin. If you coin requires exponential hardware and/or energy use then it's bad. It can hard other areas of life. If it destroys hard drives then it is even worse. I get that you need to exploit some scarce resource to control mining, but maybe that is the wrong path to go down. Even Elon Musk has at last twigged that the energy use of Bitcoin goes against the green philosophy of his car company.
But greed tends to win out in the short term.