XOSP stands for the Xperia Open Source Project. The project was initially created by me (@nilac) for the Galaxy S+ (my old device) years ago. Back then the ROM was called S+ Reborn. The vision was to create a minimal bloat free ROM which included Sony Xperia specific apps and various tweaks users would expect from a custom ROM. S+ Reborn became a success and was eventually ported to different devices so from there I rebranded and XOSP project was founded. I worked on the project for 2 years always trying to improve it. Eventually, Because of the fact Lollipop was buggy on my Galaxy S+ (Which I maintained xosp for at the time) I decided to take a break from development until I got my hands on the Zenfone 2 in 2015 and from then I started again the development of XOSP and continued it ever since.
What Represents a Release and what represents a Revision?
Revisions include small changes such as bug fixes/improvments etc.. (Usually there are made like 3 revisions per-release).
Releases are the main "stable" builds with all new planned features implemented and bugs fixed.