Well, LIKO-12 is just another fantasy console that's inspired by PICO-8. This isn't to say it's merely a 'copy' of PICO-8. The API can be seen as different.
Unlike PICO-8 (which is proprietary and costs money), LIKO-12 is free and open source - which is great because it lets people to learn from the code and 'hack' it themselves. (This is similar to TIC-80, but LIKO-12 might be simpler.)