It is sort of a cross between PVS-null-window, MTD(f), a high jump competition and a bubble sort.
The following describes what happens at the root only.
1.) The most basic idea is to search at each new iteration the previous iterations best move with a null window to make sure that it is no worse and to search the rest of the moves to make sure that they are no better. If this condition is satisfied then the current iteration is finished.
2.) If the previous iterations best move is worse than it was previously then it is searched again with a null window to see if it is still better than 2nd place. If so, then it is awarded 1 point above second place. If not better, it is awarded 1 point less than second place. This process continues until a move manages to maintain the first position. Then the rest of the moves are searched as in 1.) above.
3.) All remaining moves that are not better are discarded. Each better move that is found sets the bar a little higher (a new higher score) and only moves that make it over the bar keep competing.
The idea behind this algorithm is that in normal alpha-beta or MTD(f) it waste much time to find exact scores and it should be much quicker to just determine which move is better!