Floating content is when you want to temporarily bring content or a control panel onto the screen.
Content can be dragged with your finger to position anywhere on the screen.
When you are done with it, just click the close button.
Floating content can come in handy. For example, if one wanted to enlarge one of your camera streams, you would just touch the camera image and it would automatically open a large image in a floating tab.
The example here is actually showing an Instagram feed. The calendar has been hidden.