It is a Misean M1 money-substitute for bitcoin, designed to:
1. accelerate adoption by businesses, and through their salary payments to employees to everybody
2. increase privacy as instant payments only clear on bitcoin main chain after months of instant payments
3. create a bitcoin on-ramp without a fiat exchange and without a need for initial outright bitcoin 
A short intro is here.
https://stacker.news/items/212848