To add blog page follow same steps as creating Default page, but choose Blog Template instead of Default Template in Page Attributes meta box.
After doing this blog page options will appear beside editor window.
Blog Grid Type option provides different blog posts view:
- Standard Blog List, posts will be presented in default blog feed
- Metro Grid, posts will be displayed in metro grid
- Masonry Grid, posts will be displayed in masonry grid
- Square Grid, posts will displayed in simple square grid
Grid Columns and Grid Gap relate to grid view types and provide number of columns in grid and gap between cells accordingly.