Much more practical and appears more effective than regular Teflon pans. It lasts a long time, worth its money.

I bought it to waterproof the water supply connection to the float (toilet tank).
Wrap the thread 7 or 8 times around the thread and tighten the hose, the spiral or whatever else you are connecting.
No drying or anything else is needed and so far it seems to be doing the job (there is no leakage in the connection)