B-splines are basically a combination of Bézier curves (nicely explained in this and this video). The points where two Bézier curves are connected to form the spline are called knots. A knot on a degree d spline with the multiplicity m means that the curve left and right to the knot has at least an equal n order derivative (called Cn continuity) whereas .
Here is a cubic spline () whose knots have the multiplicity 1. The multiplicity is indicated by the number in parentheses. The indication can be changed using the toolbar button ):