Compass

A Compass is an item which was added in the Update 0.8.0. A Compass is a very useful item, as when held, its needle will always point towards the original spawn point of the player.

Uses
The main use of the Compass is to point to the player's spawn point if the player gets lost, although the Compass needle is not affected by the spawn point set by the bed. This forces some players to create a base at spawn.

Crafting
4 Iron Ingots + 1 Redstone => 1 Compass

Trivia

 * It is useful to set a base around the spawn point so it will be easier to find the player's house.
 * In IMCPE Edit or Inventory Editor it resembles an Iron bowl due to no advanced textures on the top.
 * Both the Clock and the Compass were added in 0.8.0.
 * The Compass has a very similar crafting recipe to that of a Clock, though the Clock uses Gold Ingots instead of iron.