If an app on one device connects to an app on another via Veilid, it shouldn't be possible for either client to know the other's IP address or location from that connectivity, which is good for privacy, for instance. The app makers can't get that info, either.
Is that considered a new thing? I don't think I've ever encountered a P2P service/protocol that also masks IP addresses.
They state they take inspiration from Tor and IPFS, so there are added transport layers below the top layer "P2P" that obfuscates ones IP address. It's nothing new really, and I'm honestly not sure what the advantages are over something like I2P, which largely doesn't suffer from Tor's issues of node ownership as there are no guard or exit nodes to own (unless expressly configured), while also being faster overall.