Well, this equation represents the dissociation of HI in water, so the proton given by the acid bonds to the H
2O molecule to form the H
3O
+ ion. In this case water (which is an amphoteric substance, in fact it can both accept, like here, and give protons, becoming OH
-) behaves as a base (Brönsted-Lowry base) accepting a proton, while HI behaves as an acid giving one and becoming I
-.
Moreover you can link both acids and bases with their conjugates (bases and acids), in this case I
- is the conjugate base of HI (can accept a proton), while H
3O
+ is the conjugate acid of water (can give H
+).
Hope it's all clear now... we say that it "explains" this theory as it's an equation which contains an exampe for all the possible situations described by this model.