So for example, if the time is 12:41, your passcode would be '1241'. You can also create a reverse passcode, so that 12:41 would be 1421.
The tweak was inspired by a reddit post that brought up the idea of a passcode that depended on the time. Hopefully more features and settings will be implemented down the road, as the tweak is open source.
You can download TimePasscode from the Big Boss Cydia Repository for free.
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