How are you going to prevent fraudulent double spending of these digital coins? You'd have to invent some kind of Byzantine Fault Tolerant (BFT) consensus method.
Sure, but then you’d need a way for all participants to agree on which transactions are valid. Maybe like a chain of blocks that hold transaction data, and each block is cryptographically linked to the previous one. Sounds pretty difficult. I doubt that anyone would be able to create anything like that any time soon, if ever.
