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Its designed to connect via a 2Mb link, back to a FeatureNet exchange unit located in the local exchange. Its not going to be any use to you, as a residential user.
Featurenet can handle single exchange lines as well. Not sure how popular it is these days, as when I retired, many companies were moving over to VOIP, that was nearly eight years ago.
Many of the local exchanges has FSUs in them, but I would imagine most of these are now obsolete.
Phones were a mixture of analogue and digital types.