No. Whoever burns the most gets the PoB block. PoW is the same as on other coins.
So it's like an extra layer addition to PoW - one of the strategies is that you first mine these coins, then auto-burn them every block, getting a chance to win the PoB block.
Not clear how it supposed to protect against ASIC's and GPU then - whoever does the most on PoW, has the top chance to win PoB as well.
On top of that, whoever risks the most on burning has the biggest probability to get the PoB block.
Most of the stuff written in first post is bullshit.
Second that. I just don't see how PI that averages bellow 100 hashes per second could be competitive when wasting electricity overnight at 3kHs yielded no mined coins.