Whichever is the correct name, it's supposed to keep your can colder longer, while keeping your hand from getting cold or wet. And, it's one of the items I'm making for Ronald McDonald House Charities' annual McDazzle fundraiser auction located in Kentucky in August.
This was a very simply item. Just a circle-shape for the bottom and a tube for the sides "ladder" joined together. Just for interest, I alternated the blue with gray and white rows.
We tested it. And, it kept a can pretty cold for a while. However, the exposed tabs did get just a wee cool on the hand. Better than bare can, but kinda strange feeling. Might have been better to turn the tabs around so less tab come in contact with the hand. This would give it a more basket-like weave pattern. You can sorta see this in the inside of the pic below.
This is the first item I've managed to finish. I'm also going to be attempting to finish a matching bag and hat. I'm planning for the bag to be able to hold a six-pack of cans. I've got it about half way woven. Then, I'll have to assemble it.