IP is the short form for internet protocol; internet protocol is used to identify devices in the network system. The Internet Protocol is designed for use in interconnected systems of packet-switched computer communication networks.
Every device which is accessing internet has an IP address. The current ones are IPv 4 and IPv 6. IPv 4 is the most popular and mostly used internet protocol all over the world with the maximum use and most of the devices that are smart phones, tablets, PC and laptops are easily connected through this version.
IPv6 is the new version which is in the process of development and considered as the successor of the IPv4 and It is also known as Ipng, it is being developed to make more devices to access internet and these both versions co exist with each other and work parallel to each other but do not work together.