That's Cube World. This game looks a lot like Cube World. And not just in the way that Cube World looked like Minecraft in that it was blocks and procedural (which is mostly where Cube World and Minecraft intersected, cw has no block building in the game).
Looking at this game and knowing a little of the saga of Cube World I'd bet Veloren is an Open Source response to Cube World making an appearance, exciting a lot of people with potential, going silent for years, then eventually releasing something less fun than the initial preview and dropping into obscurity. It looks at a glance like this began development during the aforementioned silent period.
Other than the Voxel graphics, games like Cubeword and this have little in common with Minecraft. Minecraft from the start focused more on mining and building than movement and combat. Of course there's mod, and they later added enchantments, but Cube World focused a lot more on the RPG aspect, with classes, fluid movement, magic and extensive weaponry, etc. It's very different from the 1 block jump distance and sword+arrow of minecraft. The game play is also a lot more focused on dungeons, bosses etc. Minecraft shoehorned a dragon battle and "ending", but it's far from being a combat focused rpg.
Its literally three words after the excerpted section, but I agree that Cube World is a more direct inspiration. Certainly Minecraft popularised combining voxel games with open worlds, but I think gameplay wise Cube World definitely belongs first on the list. After all, Minecraft didn't introduce the concept of voxel terrain though, infiniminer and worms 3d being earlier examples of games using it
Having been a part of that era, I can attest that to a certain tribe of young and aspiring programmers, attempting to implement clones of Minecraft and talking endlessly about "procedural generation" and "voxels" and "chunks" was all the rage back in 2012.
Are we not going to mention the 900lb gorilla, Minecraft?