The Eye of Truth

 The Eye of Wdjat appears in this card's artwork.

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The color scheme of the Eye of Wdjat and the three characters below it in this card's artwork strongly resembles those of The Lens of Truth from The Legend of Zelda series.  This is also supported by this card's name sounding similar to the said tool, both this card and the Lens' names having the motif of ocular ESP and the Lens of Truth possessing the magic to reveal hidden creatures, secrets and traps, of which by the same token, is similar to this card's effect being able to reveal the opponent's hand.  It's downside to increase your opponent's LPs by 1000 if they have a Spell Card among their hand cards during their Standby Phase also supports this, as use of the Lens of Truth in the game series slowly consumes your Magic meter.

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In a vein similar to leetspeak, the three said characters under the Eye can strongly be interpreted as the word TAT (two Ts in-between a triangle, which can be read as an A,) as in tit for tat; this expression conveys the notion of equal retaliation between two parties.  It also falls back on this card's effect, as its user can benefit by viewing the opponent's hand but the opponent can also benefit with a decent gain in LPs if they possess a Spell(s) in their hand.  

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This card's effect is similar to the power the Millennium Eye has in the anime.

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This card is played as a Normal Spell Card or Normal Trap Card in the anime and manga, with just the effect to look at your opponent's hand. This effect is given to Fengsheng Mirror in the TCG/OCG.

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OCG Rulings

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The card "The Eye of Truth" can be activated at any time, except during the Damage Step.: The Eye of Truth

The effect "Your opponent must keep their hand revealed" does not make a Chain Link.

The effect "During each of your opponent's Standby Phases, if they have a Spell Card in their hand: They gain 1000 LP" makes a Chain Link (It does not target.)

During the opponent's Standby Phase, the opponent's hand is revealed, and only if there is a Spell Card in that opponent's hand the effect "They gain 1000 LP" activated. (If there are no Spell Cards in the opponent's hand, the effect "The Eye of Truth" is not activated.)

If you draw "Rank-Up-Magic - The Seventh One" while "The Eye of Truth" is active, since "Rank-Up-Magic - The Seventh One" has been revealed in your hand since your normal draw, it can be activated at the start of your Main Phase 1.: If you draw "Rank-Up-Magic - The Seventh One" while "The Eye of Truth" is active, what happens?

If your hand is revealed due to the effect of your opponent's "The Eye of Truth", you cannot activate the effect of "Palladium Oracle Mahad" if you draw it.: If I draw "Palladium Oracle Mahad" while the opponent's "The Eye of Truth" is applying, can I activate that monster's effect?

Even if the effect of your opponent's "The Eye of Truth" is applying, if you draw "Symbol of Friendship" for your normal draw during your Draw Phase while your opponent controls at least 3 monsters and you control no cards, you can still reveal "Symbol of Friendship" and activate it at the start of your Main Phase 1.: If I draw "Symbol of Friendship" while the opponent's "The Eye of Truth" is applying, can I reveal and activate the effect of that "Symbol of Friendship"?

Mentions in Other Rulings

Crush Card Virus: To activate "Crush Card Virus", you must be able to apply the "you look at your opponent's hand and all monsters they control, and if you do, destroy the monsters among them with 1500 or more ATK" effect. Therefore, you cannot activate "Crush Card Virus" if your opponent has no cards in their hand and the only monsters they control are face-up monsters with less than 1500 ATK. (If your opponent has 0 cards in their hand, but they control a monster with 1500 or more ATK, you can activate "Crush Card Virus".) Also, if your opponent controls no monsters, their hand is revealed by "The Eye of Truth" and all the cards in their hand are Spell/Trap Cards, you cannot activate "Crush Card Virus".: Can "Crush Card Virus" be activated at any time?

Musakani Magatama: While your hand is not public knowledge, even if a card(s) in your hand would be destroyed by "Deck Devastation Virus", "Musakani Magatama" cannot be activated. While your hand is public knowledge by the effect of "The Eye of Truth", if a card(s) in your hand would be destroyed by "Deck Devastation Virus", "Musakani Magatama" can be activated.: Can "Musakani Magatama" be activated when the opponent activates "Deck Devastation Virus"?

Draconnection: If all cards in your hand are public knowledge by the effect of the opponent's "The Eye of Truth", since you cannot perform the part of the effect that reveals a Dragon-Type monster, "Draconnection" cannot be activated.: If my hand is revealed to my opponent due to the effect of my opponent's "The Eye of Truth", can I activate "Draconnection"?

Performapal Recasting: "Performapal Cast Change" cannot be activated while your hand is revealed by "The Eye of Truth".: While my hand is revealed by "The Eye of Truth", can I activate "Performapal Cast Change"?

Pot of The Forbidden: Even if your hand is being revealed by the effect of "The Eye of Truth", the effect "● Look at your opponent's hand, also shuffle 1 card from their hand into the Deck." of "Pot of Taboos" resolve

Previously Official Rulings

When "The Eye of Truth" is activated in a Chain you do not see your opponent’s hand until "The Eye of Truth" resolves. So if "The Eye of Truth" is step 3 in a 5 step Chain, steps 5 and 4 will resolve, then "The Eye of Truth" resolves and your opponent reveals their hand, then steps 2 and 1 resolve.

When "The Eye of Truth" is active and a card such as "Robbin' Goblin" requires that the opponent to discard a card from their hand randomly, the opponent should hide and shuffle their hand, discard a random card, and then reveal their hand again.

Mentions in Other Rulings

Amplifier"Jinzo with Amplifier", your Trap Cards are not negated and their effects are applied, including "The Eye of Truth"