Here is the current release spec: https://www.valueflo.ws/
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This effort began in a conversation between the Network Requirements Planning (NRP), and the Open Apps software projects.
The NRP gang kept running into other apps that did a lot of the same things, or at least parts of the same things, that were used by different groups who wanted to collaborate with each other. So, let's have the different apps be able to collaborate with each other!
And the Open Apps gang (which includes the NRP gang) wants to create "a suite of integrated and open sourced apps which support transparent, democratic and decentralised organising".
Which potentially means many different apps that want to talk to each other. Thus the desire for a common vocabulary.