It is given in the paper titled: A Simple Calculator Algorithm by: Lyle Cook, James McWilliam; the way to iteratively find using the cube root using the square root operation is to perform the set of two operations alternatively: (i) Take the square root twice; (ii) multiply by the original number, ...
I want to know first why this approach is deemed useful, i.e. on what basis. It is also stated on the last page(#54) that a better way is to take the square root thrice, instead of twice. So, what is the reason for taking $y^\frac{1}{2\sqrt 2}$. (sorry, if not represented root properly, request correct way then)
Second, I tried to find the value obtained by program, by giving inputs : $57, 24, 8$. Request suggestions for improvements.

First addressing why it is useful, well, first it's a good party trick with a basic calculator without a $x^y$ button.
and then Alice gets to perform this trick. What is even cooler is
Alright, now, going on to the maths:
Starting from $x_1=r$,
Define:
$$x_{k+1} =(x_k+1)r$$
We can easily prove by induction that this is just a geometric series with the first term being $r$ and common ratio $r$,$$x_{k+1}= \sum_{i=1}^{k+1}r^i=\frac{r(1-r^{k+1})}{1-r}$$
Hence as $k \to \infty$, if $|r|<1, r \ne 0$, $$x_{k+1} \to \frac{r}{1-r}=\frac{1}{\frac1r-1}$$
If we pick $r= \frac14$, then the sequence converges to $\frac1{4-1}=\frac13$.
If we pick $r = \frac1{2^n}$, then the sequence converges to $\frac1{2^n-1}$
and we have $y^{x_k} \to y^{(\frac1r-1)^{-1}}.$ If we pick $r = \frac14$, then $y^{x_k} \to y^\frac13$.
Taking square root twice means $\frac14$ at the power indices and multiply by itself once means plus $1$ in the power index.
Comments about your program:
Comments on comparison between bisection and this method:
For binary search that begins with interval length $1$: to shrink it up to $10^{-8}$. We need $8\log_2 10 \approx 26.5$ steps.
For this method.
Note that $x_k$ increases.
We want $$57^\frac13-57^{x_k}< \epsilon$$ $$\log_{57}(57^\frac13 - \epsilon) <{x_k}$$
$$ \frac{r}{1-r}(1-r^k)> \log_{57}(57^\frac13 - \epsilon)$$
$$r^k < 1- 3\log_{57}(57^\frac13 - \epsilon)$$ $$4^k > \frac{1}{ 1- 3\log_{57}(57^\frac13 - \epsilon)}$$
$$k > - \log_4 ( 1- 3\log_{57}(57^\frac13 - \epsilon))$$
From the computation $k$ needs to be at least $15$ which is reflected in your computation.
This method is faster when
$$-\log_4 ( 1- 3 \log_y ( y^{\frac13}-\epsilon) < - \log_2 \epsilon$$
$$ 1- 3 \log_y ( y^{\frac13}-\epsilon) > \epsilon^2$$
$$ \frac{1- \epsilon^2}3 > \log_y ( y^{\frac13}-\epsilon) $$
$$ y^{\frac13} - y^{\frac{1-\epsilon^2}3}< \epsilon$$