In effect, the hinge allows for two parallel axes of rotation – one for each object joined by the hinge – and each axis can be moved relative to the position of the other.
[1] Floating hinges are used in flatbed scanners designed to scan thick objects such as books.
If a thicker object is placed on the glass, an ordinary hinge would leave the cover at an angle to the glass; a floating hinge raises the hinged edge of the cover to the level of the book so that the cover remains parallel to the glass, but raised above it.
[2] Floating hinges are also used in two-plate electric cooking grills, as they allow for even heating of both sides of a thick piece of food without crushing it.
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