Fortunately I got a chance to directly talk to Asaf Shakarchi (father of VELO) and I asked him why you named it VELO.
Asaf: It was taken by "velo binding". You can read about it in wiki.
My understanding: I then read about it in the Wiki and tried to link it with the identity and access control and realized the name is so true as the product is also trying to link and bind and control the identities.
I also asked him what is the function of remote performer and below is what I understood from his explanation
Remote performer is a kind of load balancer which can be used to delicate the responsibility of the VELO server. For example if the environment has many resources and you don't want to wait for the responses from the resource once you provision, you can use VELO remote performer. All the requests will be delegated to the remote performer and VELO server can perform other important tasks.
Remote performer is not a must for deploying VELO but it can give additional flexibility to distribute the load.