A strop is used to get rid of the last of a micro burn on the edge and really polish it to a mirror. The stropping compound is an extremely fine abrasive powder in a deliver medium. Veritas green is around 0.5 micron, I think it is around 15000 or 19000 grit equivalent. Really does a great finishing job on an edge.
When you use the strop, you are using very little pressure. The lightest contact will give you the best results in the end!