Yes, it's technically swiss time, it's just meant to be one time for all time zones but you have to use one to refer to, of course.
@855 means, one beat out of 1000 each day.
The intention behind internet time is:
You can tell a friend "Hey, let's meet @200 in the chat" and everybody will be there - no zimezone struggle anymore.
The benefit for the board is, you have one overall time to relate to. You don't have to care where the server is or whatever timezone it has. Internet time is the same all over the world.
If you're a little bit into internet time, you can pretty fast relate to how it's meant.