An IP (Internet Protocol) address is a numerical label assigned to each device connected to the Internet or a local network. The IP address serves two main functions: it identifies the host or the device and provides the location of the host in the network. There are two versions of IP addresses: IPv4 and IPv6. IPv4 addresses are 32-bit numbers and are written as four sets of decimal numbers separated by dots, for example: 192.168.1.1. IPv6 addresses are 128-bit numbers and are written as eight groups of hexadecimal numbers separated by colons, for example: 2001:0db8:85a3:0000:0000:8a2e:0370:7334. Each IP address must be unique within the network, so no two devices can have the same IP address. IP addresses are used by network protocols to route data between devices, and they are a critical component of the Internet's infrastructure.