The original name was GFS, which stood for the Global File System and seemed more accurate than GitFS. But that exact name was already taken. So I switched Global for Galactic, in an homage to Licklider's Intergalactic Computer Network, and because peer-to-peer systems look like galaxies to me. But GFS caused confusion with yet another GFS, even though that one is not even open source.
By popular demand (there were votes and a pronouncement of "GFS is dead. Long live IPFS!" and everything), I switched it to IPFS - InterPlanetary File System, which has several nice properties: