The EZ Knot is similiar to the knot that you see on bobber stops. Its basically a nail knot. The EZ Knot tool makes tying this knot a lot easier to tie, especially when your fingers are cold. Its mostly used by fly fishermen to tie their backing onto their flyline and leader onto their flyline. The thinner diameter abacking and fly line "bite" into the wider and softer flyline.
Animated Nail Knot
Animated Nail Knot