In Chapter #5 Maya Natsume remembers in ancient Chine it was called "Crystal Eye", those eyes that are able to see things in the distant past or future. It is a power that only living things, not to mention humans, can possess.
It allows the user to synchronize with the spirits of all things, thus it gives them a type of prescience that allows them to see anywhere past, present, possible futures, as well as seeing and hearing the dead. It can also use be used to astral project and to use psychometry. The Dragon's Eye is known for its capacity to consume KI indefinitely, so sustaining it too long can cause the user to lose consciousness.