Lo-fi is to audio what black-and-white or sepia ... In this case, the idea is to be able to create your own loops or chord progressions, although this knowledge is useful beyond this genre ...

Building a lo-fi ... chord to its 2nd inversion - so moving the fifth of the triad down an octave - we get a much smoother chord transition. What’s more, you’ll see the lowest note now moves downwards ...

It actually just means that chords are built on a certain note of the major scale. You may like Usable music theory: How to create a chord progression from any melody 30 essential acoustic guitar ...