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I'm pretty sure the lib stands for libre ... The free in "free speech". And also for library. As the library in computer science... "In computer science, a "lib" or library is a collection of pre-written, reusable code (like functions and classes) designed to perform common tasks, allowing developers to build complex applications more efficiently by leveraging existing solutions rather than rewriting them from scratch."
As I mentioned earlier, it's a work in progress. So not sure how much effort you want to put into trying to get it running on your own hardware. From some podcasts I listened to it might be a couple more years before they think it's production ready.