FIDO Standards is designed to create ecosystem of client Authentication Methods that can be used with a variety of Service Providers in an interoperable manner.
The client registers a Public Key with the Service Providers at initial setup. Later, when authenticating, the service verifies that the client owns the Private Key by asking it to sign a challenge. The FIDO protocol is designed to ensure user privacy and security.
Different Authentication Methods such as secure PIN, biometrics and other Authentication Factor devices can be "plugged in" via this standardized interface into the client.