To put it straight forward, this is a type of customized connector used in Apple products. Like how we have USB micro AB type connector on all smartphones and tablets, apple products have their customized connector on their phones. Previous versions of iPad/iPhone used to have 30-pin connector which is replaced by 8-pin lightning connector.
The lightning connector and the old 30-pin connector (docking) are shown in the figures. the 30-pin connector carries power as well as signals and can be used for docking purposes. The 8-pin lightning connector can be inserted either side. 30-pin connector was used in Apple products till the 4th generation. The 30-pin docking connector carries Audio, USB, Fire wire and other control signals.
Later versions started extending video over the connector dropping Fire Wire. The 5th generation of iPhone started using lightning connector. To use a 8-pin lightning connector with 30-pin docking connector, you must have a adapter.
Advantages of lightning connector:
1. Light and small compared to 30-pin connector
2. Lightning connector has a control chip on it which takes care of the direction even though connector is assigned in reverse.
3. Connectivity to various output types is easy by using adapters.
4. Within a small pin out various outputs like audio, video and controls can be connected.
The pin out of 8-pin lightning connector is shown in the figure shown above.
5. Any signal in the pin out can be used for power which is very flexible.
6. Edge detection mechanism is used to detect a plug connected to the 8-pin connector.