Vertcoin was created as a GPU (Graphics Card) mined version of Bitcoin. This enables greater spread of security long term compared to ASICs. If enough devices mine the network, Vertcoin represents a viable alternative to the Bitcoin ASIC mined security model.
Ethereum currently uses a mining algorithm similar to the proposed Verthash mining algorithm and achieves security near that of Bitcoin, which means the task is achieveable.
In an ideal world, this second hashrate spot would be filled by a GPU Bitcoin derivative. It could serve as a meaningful competitor to Bitcoin with a legitimate point of difference.