It is also called the Sky Lantern/Kong Ming Lantern. According to the lore, Kong Ming Lanterns were first invented by Zhuge Liang for transmitting the military information.
But as for current usage, Kong Ming Lantern is considered as the Lantern for Blessing whereby people will fly up the lanterns with words of wish or prayer. In fact, these Kong Ming Lanterns are being used for special occasions or celebration such as the Chinese Mid-Autumn Festival in Taipei or the Yi Peng celebration in Thailand.
Apparently, Kong Ming lantern is banned in Malaysia but we could still see these lanterns selling on the market. Out of curiosity, my cousin bought a few of these lanterns.
Writing our wishes
Preparing to "fly up" the lantern
(p/s: For safety purposes, please do not simply fly up these lanterns as they can easily caused fire and hazard to the aircraft.So don't play play with it.)