Kind of, but it has it's own set of rules (many of them different from those on Steemit) and is effectively a RESET on who holds the most power (platform currency) to distribute the inflationary token. It's a lot fairer for new users and minnows in the sense that no one has a big lead in how much of the platform currency (PAL token) that they own or have staked in token distribution.
RE: The Pal Post of Neoxian