Asynchronous Transfer Mode (ATM) is a data communications technology utilizing high-speed packet switching to handle various traffic types, including voice and multimedia. The ATM protocol architecture comprises multiple layers including physical, ATM, and adaptation layers, and it uses fixed-size cells for data transmission, prioritizing traffic management based on quality of service requirements. The document outlines the structure and management of virtual channel connections within an ATM network, detailing various service categories and their applications.