What does Jeremiah 31:34 mean?

No one will have to teach their neighbor or say to each other, ‘Know the Lord,’ because everyone, from the least to the greatest, will know me. I’ll forgive their wrongdoing and never bring up their sins again. Jeremiah 31:34 - Modern Text Bible

(Everyone will have a direct, personal relationship with God. Forgiveness will be complete, and past mistakes won’t be held against them.)