1. The Internet Protocol (IP) is responsible for addressing hosts and routing packets across networks to allow communication between devices.
2. There are two main versions of IP - IPv4 uses 32-bit addresses and IPv6 uses 128-bit addresses to allow for more devices as the number connected to the internet grows exponentially.
3. TCP and UDP are protocols that operate at a higher layer than IP and provide different functions - TCP enables reliable transmission of data through sequencing and acknowledgment while UDP provides a basic transmission model without these features.