Two layers of identity: the application and the user
The Paraşüt connection asks for four values, and they belong to two different layers. The first two — a client ID and secret — identify an application, generated in Paraşüt under settings → applications. The last two are your own Paraşüt sign-in details. So the connection answers both "which application" and "on whose behalf" at the same time.
The practical consequence: when you change your Paraşüt account password you must update the password on the connection too. The application keys stay the same, but when the user layer changes the connection stops.