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>Azoth was considered to be a universal medicine or universal solvent sought in alchemy[1] (similar to another alchemical idealized substance, alkahest, that like azoth was the aim, goal and vision of many alchemical works it was to achieve). Its symbol was the Caduceus and so the term, which being originally a term for an occult formula sought by alchemists much like the philosopher's stone, became a poetic word for the element mercury, the name is Medieval Latin, an alteration of azoc being originally derived from Arabic al-zā'būq "the mercury".
>Azoth is the essential agent of transformation in alchemy. It is the name given by ancient alchemists to Mercury, the animating spirit hidden in all matter that makes transmutation possible. The spelling consists of the initial letter of the English, Greek and Hebrew alphabets followed by the final letters of the English alphabet (Z), the Greek alphabet (Omega) and the Hebrew alphabet (Tau). The word comes from the Arabic al-zā'būq which means "Mercury".
Basically, it's the driving energy of everything in the universe that, when harnessed, can be an agonist for things. Considering the ORAS teams were planning on using Groudon/Kyogre to bring about great change, Azoth kind of makes sense as a project name.