BGP is an exterior gateway protocol that allows routers to exchange routing and reachability information between autonomous systems to enable internet traffic routing. It performs several key functions including storing routes, updating routes when new information is received, selecting the best routes, and advertising routes to peers. IPv6 addresses come in three types - unicast for unique nodes, multicast for groups, and anycast for interfaces belonging to different nodes. IPv6 offers advantages like greater security, reliability, and routing efficiency to address the growing number of internet-connected devices. However, complete conversion from IPv4 will take time due to current widespread usage.