This App is simply a developer utility for experimenting with iBeacons.
The idea is that you use miBeacons to register, manage and share iBeacons. All of the registered beacons are stored in a crowd sourced database. The utility allows you to monitor your registered iBeacons and then load/call a different Url depending on your proximity.
Every instance of mi Beacons has an Ownership Id under which all of your iBeacons are managed. You can share this with other developers so that you can interact with their iBeacons.
You could for instance, set up an IBeacon, then use mi Beacons to load a different web page for the immediate, near, far & unknown proximities. Another idea would be to call a RESTful server endpoint that does something interesting like control some hardware peripheral attached to the server...
Have Fun!