Despite the name this cartridge was invented by P.O. Ackley a prolific American wildcatter. Wildcat cartridges are ones that are not made to a standard adopted by any major manufacturer.
This particular cartridge could send a .22 caliber round 5,000 fps (1,524 m/s). The case it uses in this picture is that of a .378 Weatherby Magnum necked down to hold a .223 caliber bullet, but another design of the same name used .50 BMG cases.
Probably had a horrible barrel lifespan since the burn time for that powder is going to be super long and the flame is getting focused down to .223in.
A good rule of thumb is to use slower powders for bigger cartridges and heavier bullets, but this design kinda breaks that rule on a number of levels. To slow a powder burn and you are spraying powder. To fast, and you are basically building a grenade.