The application allows you to store and transfer your Pokemon between games and trade with other players around the world. People seem to be excited about the fact that Shiny Pokemon actually display as Shiny Pokemon, which makes trading them that much easier.
There’s a free and a paid version. The paid version will cost $25 a year and lets you move Pokemon FROM the Pokemon bank, lets you store up to 6,000 Pokemon, lets you put 10 Pokemon in the Wonderbox and also lets you host Room Trades rather than just attending them,
Here’s the App Description in case you’re still left confused:
Pokémon HOME is a cloud-based service, designed as a place where all of your Pokémon can gather.
Manage your Pokémon!
You can bring any Pokémon that has appeared in a Pokémon core series game to Pokémon HOME. You’ll also be able to bring certain Pokémon from Pokémon HOME for your Nintendo Switch system to your Pokémon Sword or Pokémon Shield game.