Almost ashamed to admit I thought this was an awesome idea back in the day:
Swatch Internet Time (or beat time) was a decimal time concept introduced in 1998 and marketed by the Swatch corporation as an alternative, decimal measure of time. One of the goals was to simplify the way people in different time zones communicate about time, mostly by eliminating time zones altogether.
Swatch Internet Time was announced on October 23, 1998, in a ceremony at the Junior Summit '98, attended by Nicolas G. Hayek, President and CEO of the Swatch Group, G.N. Hayek, President of Swatch Ltd., and Nicholas Negroponte, founder and then-director of the MIT Media Lab. During the Summit, Swatch Internet Time became the official time system for Nation1, an online country created and run by children.
To this day you can get PHP to output the current time in Swatch Internet Time format (using
date("B")), which is perhaps why it's also a valid time format here on Tumblr.