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Grand Strategy is a massive multiplayer version of the board game RISK. There are other RISK games out there. In those games, you play a game of RISK, you win or lose, and that's it: you're done. There's no larger persistent world to tie the whole experience together.
In Grand Strategy campaigns, two factions fight for victory in one grand war. When you join a campaign, you choose a faction. The factions control territories on an overworld map. Each separate RISK game occurs on one territory map. As games are won and lost, the factions gain and lose territory and victory points on the overworld map.
Games are divided into rounds. A game round lasts a set period of time (five minutes, one day, etc) or until all players have taken their turn. Games with daily turns can take a week or more to resolve. Daily turn games are designed for players who like to play the game slowly.