at the top are colors for various channels:

Diffuse colors the diffusion channel
Ambient colors the ambience channel
Specular colors the brightest part of the specularity channel
Specular halo colors the less bright part of the specularity channel
Transparent and Volume i'm never 100% sure.. i keep mixing them up... one colors light as it moves through the object, the other colors light as it leaves the object (and thus can add color to the shadow of a transparent object)

Diffusion channel:

• This is the color the surface gets once light hits it

Ambience channel:

• This is the color the surface gets regardless if any light hits it

Specularity channel:

• This channel simulates highlights on shiny surfaces, in the real world these are just bright reflections, but the effect often gets simulated with specularity because it is less calculation intensive then the physically accurate methods of (blurry+hdri) reflections.

Metalicity channel:

• This channel adds color to reflective surfaces, the stronger the metalicity the more intensely the metalicity's color gets applied to the reflections. 

Bump height:

• This channel creates bump effect on your texture

Transparency:

• This channel determines how transparent your texture is

Reflection:

• This channel determines how reflective your texture is.

Refraction:

• This channel determines the angle at which light 'breaks' once passing from air into the objects surface

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