Its most common name is San Diego Jam knot. What would make it a "modified"or "improved" San Diego Jam knot would be after the final twist that one pass the tag end through the "loop" formed at the bottom, then back out the "loop" at the top.
It is a very good knot for a couple of reasons:
It tests well on strength knot tests, not the best, not the worst.
It can be used to tie on lures with treble hooks hanging off of it since the lure dangles below the knot tying effort.
And, instead of wrapping the barrel wraps, you can simply let the weight of the lure itself create a pendulum effect where you start a little swing motion and the wraps are all made without any finger input.
There are several videos showing using this pendulum motion which is very easy to learn.
Edited by Brad R (08/26/16 08:54 AM)