The RADIUS protocol facilitates authentication, authorization, and accounting between network access servers and a shared authentication server, operating via UDP in a client/server model. It supports multiple authentication methods, including PAP, CHAP, and EAP, and is commonly utilized for 802.1X authentication and network access services. RADIUS has evolved through various RFCs since its inception in 1991, with Diameter planned as its more advanced replacement, improving upon limitations such as transport security and stateful transactions.