The document discusses the Internet Protocol (IP) which is the cornerstone of the TCP/IP architecture and allows all computers on the Internet to communicate. There are two main versions of IP - IPv4, the currently used version, and IPv6 which is intended to replace IPv4 and includes improvements like longer addresses. IP addresses are 32-bit for IPv4 and 128-bit for IPv6. Strategies like private addressing and Classless Inter-Domain Routing (CIDR) help conserve the limited number of available IP addresses.