More precisely: you put a card from your hand on the bottom of your deck, then draw until you have 5 cards in your hand (don't use this card if you don't have at least one card in your hand to make the first requested tribute)
This has great synergy with cards such as Compleated Huntmaster, Bloated Processor, and Norn's Inquisitor
While it can be a useful card in certain situations, there are better options available such as Palace Jailer which not only makes you the monarch but also exiles a creature
(The number two is Blue/Black/White, and I would certainly accept an argument that its number one instead.) The problem is that green doesnt add anything that black and white cant already do
That player will create a copy of the encoded card and may cast it
The format is Core Constructed, entry is $75, capped at 128 players