Well, that’s what it implies.
Socialize with the people you know – and want to know – in a safe, ad free environment where you control who has access to your personal content.
According to The Register, Wallop (where do they get these names from?) “was spun out from Microsoft’s IP ventures program and research department. Microsoft holds an equity stake in the company.” Apparently you have to be invited to become a member. How exclusive is that! Just like a Frat House in an Ivy League college. Wonder if they do online hazing?