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An IP address (abbreviation of Internet Protocol address) is an identifier assigned to each computer and other device (e.g., printer, router, mobile device, etc.) connected to a TCP/IP network that is used to locate and identify the node in communications with other nodes on the network. IP addresses are usually written and displayed in human-readable notations, such as 172.16.254.1 in IPv4, and 2001:db8:0:1234:0:567:8:1 in IPv6.
Version 4 of the Internet Protocol (IPv4) defines an IP address as a 32-bit number. However, because of the growth of the Internet and the depletion of available IPv4 addresses, a new version of IP (IPv6), using 128 bits for the IP address, was developed in 1995, and standardized as RFC 2460 in 1998. Its deployment commenced in the mid-2000s and is ongoing.
The IP address space is managed globally by the Internet Assigned Numbers Authority (IANA), and by five regional Internet registries (RIR) responsible in their designated territories for assignment to end users and local Internet registries, such as Internet service providers. Addresses have been distributed by IANA to the RIRs in blocks of approximately 16.8 million addresses each. Each ISP or private network administrator assigns an IP address to each device connected to its network. Such assignments may be on a static (fixed or permanent) or dynamic basis, depending on its software and practices.
Source : Wikipedia