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An IP address is a unique address that identifies a device on the internet or a local network. IP stands for "Internet Protocol," which is the set of rules governing the format of data sent via the internet or local network.

Types of IP Address

IPV4

Internet Protocol version 4 (IPv4) is the fourth version of the Internet Protocol (IP). It is one of the core protocols of standards-based internetworking methods in the Internet and other packet-switched networks. IPv4 was the first version deployed for production on SATNET in 1982 and on the ARPANET in January 1983. It is still used to route most Internet traffic today,[1] even with the ongoing deployment of Internet Protocol version 6 (IPv6), its successor.
IPv4 uses a 32-bit address space which provides 4,294,967,296 (2^32) unique addresses, but large blocks are reserved for special networking purposes.

IPV6

Internet Protocol version 6 (IPv6) is the most recent version of the Internet Protocol (IP), the communications protocol that provides an identification and location system for computers on networks and routes traffic across the Internet. IPv6 was developed by the Internet Engineering Task Force (IETF) to deal with the long-anticipated problem of IPv4 address exhaustion, and is intended to replace IPv4. In December 1998, IPv6 became a Draft Standard for the IETF,[2] which subsequently ratified it as an Internet Standard on 14 July 2017.
By 1998, the IETF had formalized the successor protocol. IPv6 uses 128-bit addresses, theoretically allowing 2^128, or approximately 3.4×10^38 total addresses. The actual number is slightly smaller, as multiple ranges are reserved for special use or completely excluded from use.