The protocol is built from the same digital DNA as the Tor browser and the chat app Signal and will be used to create new ways for folks to communicate, share files, and generally surf the web while simultaneously protecting their privacy.
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If it is based on Tor and Signal its not “new” and its probably a bad tech writer not understanding the details.
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If a new protocol is based on Tor and Signal, it’s still a new protocol. If they don’t use the existing protocols unmodified, they might break crucial parts in the larger security model.
Edit: even the website states
Veilid is a new, distributed communication protocol developed by Cult of the Dead