The equation $$l = l_0\sqrt{1 - \frac{v^2}{c^2}}$$ describes how the length of an object moving relative to an observer decreases as its speed approaches the speed of light. In this context, $$l_0$$ is the proper length measured at rest, while $$l$$ is the length observed in a moving frame. This phenomenon reveals how space and time are interrelated and how they change based on relative motion, which can lead to consequences like changes in perceived simultaneity.