The term internet protocol (IP) refers to the set of rules governing the format and transmission of data over the internet. It is responsible for addressing and routing packets of information to ensure they reach their intended destination. IP is fundamental to the functioning of the internet, enabling communication between devices by assigning unique IP addresses to each device. There are two main versions: IPv4 and IPv6, with IPv6 addressing the limitations of IPv4 in terms of the number of available addresses.