VoIP (Voice over Internet Protocol) allows users to make voice and video calls over the internet rather than traditional phone lines. It converts voice into digital signals that can be transmitted over the internet. Some key benefits of VoIP include low cost long distance calls, added features like video chat, and integration with applications like Skype and gaming consoles. However, VoIP relies on an internet connection, so call quality can suffer during outages or network congestion. It also cannot be accessed during power outages unlike traditional landlines. Gaming consoles have greatly benefited from VoIP by allowing online multiplayer gaming and voice chat between players.