Despite the name this cartridge was invented by P.O. Ackley a prolific American wildcatter. Wildcat cartridges are ones that are not made to a standard adopted by any major manufacturer.
This particular cartridge could send a .22 caliber round 5,000 fps (1,524 m/s). The case it uses in this picture is that of a .378 Weatherby Magnum necked down to hold a .223 caliber bullet, but another design of the same name used .50 BMG cases.
When I was talking about a ‘short barrel life’ I was referring to how many rounds a barrel chambered in this cartridge could be expected to be fired before its accuracy fell outside of a user’s acceptable standard.
Barrels get worn out due to heat and friction, so cartridges that fire smaller projectiles with more powder tend to wear faster.
Unrelated to barrel lifespan, a cartridge that took longer than usual to send the bullet out the barrel would be a misfire. More specifically a hangfire. These are bad.