IP in IT Glossary

(pronounced as separate letters) Short for Internet Protocol.
IP specifies the format of packets, also called datagrams,
and the addressing scheme. Most networks combine IP with a
higher-level protocol called Transmission Control Protocol (TCP),
which establishes a virtual connection between a destination and
a source.

IP by itself is something like the postal system. It allows you
to address a package and drop it in the system, but there's no direct
link between you and the recipient. TCP/IP, on the other hand,
establishes a connection between two hosts so that they can
send messages back and forth for a period of time.

The current version of IP is IPv4. A new version, called IPv6 or IPng,
is under development.