Project Tango is a smartphone project by Google that uses motion tracking and depth perception to create a 3D model of the environment. It has an infrared projector, cameras, and sensors that allow it to track its position and map its surroundings in 3D. The phone emits infrared light pulses and records reflections to build detailed depth maps. Developers are exploring uses like augmented reality applications and helping robots perform tasks autonomously. The technology could also be integrated with devices like Google Glass in the future.