It looks like you copied the example from GFK-1541, page 3-44 with modifications to the specified address in your local PLC. The command sets up a read channel for SRTP communications using an ethernet interface module in rack 0, slot 6.
As configured, when the PLC first starts running its program you're setting up the channel to read 8 words of %R memory starting at %R50 in a PLC with IP address 10.0.0.1. You're going to store that data in %R330 - %R337 in this PLC. You're going to read the data every seven seconds, but you're going to stop after ten read transactions.
I'm guessing you really want to set up for continuous reading, not stopping after ten reads, so you probably want to change the value at IN2 of the second BLKMOV instruction to zero.
Since the VersaMax Micro doesn't have ethernet capability, you'll be using an ethernet-to-serial converter at that end. 500 milliseconds might not be a long enough timeout (IN5 of the second BLKMOV) since the converter needs to get the request from the host PLC, convert it to a serial (SNP) command string, transmit it to the VersaMax Micro, get the response, convert it to SRTP and pass it back to the host PLC.