Internet Protocol Version 6 (IPv6) address is the most recent version of the Internet Protocol, designed to replace IPv4 due to the exhaustion of available addresses. IPv6 uses a 128-bit address space, allowing for a significantly larger number of unique addresses compared to its predecessor. This expansion facilitates the growing number of internet-connected devices, ensuring efficient communication and routing. IPv6 also improves features like security and autoconfiguration, addressing the limitations of IPv4, thus enhancing the overall functionality of the internet.