The IoT One Cloud Product is made up of a few components; the Hub, the Framework, and a Client. The Hub is a modified XMPP server that handles the traffic between the framework and the client. It also serves as the point of access if you are outside a local network. The Framework connects data from the Raspberry Pi GPIO pins to the XMPP network, allowing the flow of data to and from the GPIO pins to the Hub. The Client is how you will see data, add and remove devices, and generally control the devices connected to the Framework.
Optionally, there is the IoT One Cloud Server, which allows a client to connect to the Hub from outside a local network, truly making the product accessible from any internet connection.
