DeciTime stands for "decimal time", i.e. a representation of the time of day based on decimal units.
Since the old times we are used to the somewhat odd counting with 24/60/60 - the time of day has 24 hours of 60 minutes of 60 seconds.
In my humble opinion, now it's the 21st century and we need a new time!
With DeciTime, the day has 10 Dours of 100 Dinutes of 100 Deconds.
Sounds strange, but it is much easier to count in decimal system. Until now, the day has 86,400 seconds. Now it's 100,000 deconds. A simple math shows that the deconds are slightly faster than seconds. Fast times, fast time ;-)
To be honest: I don't believe that the era of decimal time will soon come, but who knows? Maybe you are amongst the first who can count in decimals!
To name the decimal time, Sergey Zaytsev proposed to call it Dours, Dinutes and Deconds, and so do I with his kind permission (See "http://serg.us/dime" for his implementation of a decimal clock).
On Wikipedia there is an article on Decimal Time. You'll learn that it's not a new idea. In China this is used for about 3,000 years (Wikipedia: Decimal Time)
tin:b Software - Robert Fischer
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Version 1.0, October 16, 2009