No idea what it is meant to be used for - but to get rid of it..
****It is important to note WHICH phone you have! Anything before the GS6 has battery access so if you are frozen - rip the battery out.
For GS6 users press the volume down button then press the power button and hold them simultaneously. The power menu will pop up (reboot, shut off,flight mode, etc) Be patient! It might take 10 secs or it might take 30 secs just hold those two together until the bugger dies
Once it reboots swipe down, go to your app manager and find the Peel Smart remote, first uninstall the updates and then disable the app. You will see the floaty remote disappear as soon as you uninstall the updates but go for the safer method and disable the app.