Counterparty is not a proof of burn coin, where proof of burn is an alternative to proof of work or proof of stake as a way to secure transactions in a system. Proof of burn in Counterparty means it's coins are distributed to those sending funds to an unspendable address. No more coins will be created after burn ends.  Counterparty will rely on Bitcoin's proof of work for security.

How is Level Coin idea more than PoB described in wiki link?  Two level system means that there are regular coins and burned coins.