So is it safe to say CHC is one of the most ASIC resistant if not THE most ASIC resistant coin out there at the moment?
Not really. Simply chaining algos doesn't evade the fact that the program code is deterministic and so can be (reasonably straightforwardly) implemented in hardware (i.e. an ASIC), assuming adequate economic incentives exist.
For background technical reading, I like the Graz TU's
SHA-ZOO for its comprehensive treatment. It's worth noting that reaching NIST Stage 3 involved an ASIC implementation - i.e. every NIST 3rd-round hash algo has an ASIC implementation:
“In this paper we present the implementation results for all five SHA-3 third round candidate algorithms, BLAKE, Grøstl, JH, Keccak, and Skein in a standard-cell-based ASIC realized using 65nm CMOS technology” -
http://csrc.nist.gov/groups/ST/hash/sha-3/Round3/March2012/documents/papers/GURKAYNAK_paper.pdf (and that was back in 2012).
With enough money at stake, any deterministic program can be implemented in hardware. One can only dissuade, not defeat.
One approach to dissuading speculators is to ring the changes on hashing params - a technique used by many scrypt-based algos (scrypt-n, scrypt-n-f, scrypt-j-n, etc).
Another approach is to exploit the fact that computers are rich in on-board RAM whereas that is a scarce and, importantly,
fixed resource for any ASIC solution, so changing memory requirements also pushes up the costs/risks of an ASIC implementation - IIRC,
Vertcoin's LyraRE algo (
PDF whitepaper) takes this approach, as does Axiom (
https://bitslog.files.wordpress.com/2013/12/memohash-v0-3.pdf).
(Another view maintains that the appearance of specialised hardware is a Good Thing(tm) in terms of protecting the public ledger.)
I see smart contracts as pretty interesting solution for this decentralized funding and spending....but i have not done enough research to testing to see if that's possible.
gmaxwell has stated that the (not Turing-complete) scripting language implemented in the Bitcoin codebase is quite capable of expressing “smart contracts”.
There are issues a-plenty, more than enough to fascinate any software engineer (which I'm not).
Cheers
Graham