It is a hangout where whales and proxy whales (people who have been loaned steempower by others) can pass out tokens worth an upvote from their pooled steempower.
People join up and give a presentation on what they are doing or planning to do in order to help steem. The whales give out tokens based on their impressions and then no longer need to upvote something by that person manually. But at the same time they dont have to use a bot either. This helps us give back to the little guys/gals as more of the whale tokens circulate throughout the community using project leaders/teams get stores of these tokens from us for upvoting both their content and the content of others they feel are beneficial to the community :)
Thanks for the explonation!:)