All it does is display the current Swatch Internet Time as a status.
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Swatch Internet Time is a concept of time measurement introduced in 1998 by the Swatch Corporation. Each day is divided into 1000 beats. There are no time zones; instead, beat 000 matches up with midnight at UTC+1. Read more from this Wikipedia article.
Practical for eliminating the confusion of timezones when scheduling meetups and events on the internet.