That module in the middle of the breakout contains a dual-core ESP32 chip, 4 MB of SPI Flash, tuned antenna, and all the passives you need to take advantage of this powerful new processor. The ESP32 has both WiFi and Bluetooth Classic/LE support. That means it's perfect for just about any wireless or Internet-connected project.
The ESP32 is a perfect upgrade from the ESP8266 that has been so popular. In comparison, the ESP32 has way more GPIO, plenty of analog inputs, two analog outputs, multiple extra peripherals (like a spare UART), two cores so you don't have to yield to the WiFi manager, much higher-speed processor, etc. etc!