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Why the name

In Tekken 5 Dark Resurrection, the game Project Backdash is made for, tapping back twice makes your fighter dash backwards: a back dash. Pressing down-back cancels the end of it, so the next back dash can start at once. Looped as back, neutral, back, down-back, it moves your fighter backwards in quick steps.

Back, neutral, back, down-back, three times over. The lever on the home page plays the same loop.

Rollback moves in a similar spirit: it steps back a few frames to correct itself, then carries straight on.