It was announced a few days ago, skimmed through it and it seems like just another coin we have had almost every name variation coming out, soon we will run out of what to call these altcoins 
The innovation is in the way in which transactions are confirmed. How to make it a 'vegan' coin without policing every transaction? How do you know someone isn't buying KFC??
Imagine you are entering a condo. The guard knows all the people who live there. If he doesn't know you he stops you. However if you enter accompanied by one of the existing tenants he lets you in and every time he sees you again he lets you in even if you are on your own.
This is one way to create a vegan coin - or any other niche coin. Build up a blockchain of transactions that you are sure are for vegan purchases. Then once it has reached a certain size the blockchain is parsed and the transaction is only confirmed if the public address is contained in the blockchain. The existing users of the coin are in effect vouching that the transaction is valid. This would be done after the hash has been found, and would add an additional layer of security although increase the work needed to create the new block.