Internet protocol defines the rules and conventions for how devices can communicate over a network. It establishes the format for exchanging data so that devices using the same protocol can understand each other. The main purposes of IP are to define the basic unit of data transfer, perform routing functions, and establish rules for unreliable packet delivery and error handling. IP supports unicast, broadcast, and multicast services. IP addresses uniquely identify devices and allow for communication via the Internet Protocol. IPv4 uses four sets of numbers separated by dots, while IPv6 uses eight sets of hexadecimal digits separated by colons.