This is like asm.js? No. No, not at all. They serve very different purposes.
This will help make the web even faster? Uhh. No.
This is like web-assembly? Okay, maybe a little bit.
asmasm is an assembly language for a virtual machine that can only be represented through a combination of hardware virtualization/software.
Okay, now in English?
asmasm is simple enough to write by hand, but also simple enough for being the target of higher level programming langauges. Our paradigm is simple. If we can make it simple for machines, we can make it simple for humans, too. That way everyone wins and our robot overlords are appeased.
Follow one of these links. If you don't know anything at all about this project, the tutorial is a good start.