Internet Protocol address. IP Version 4, the most widely used Internet protocol, provides 32-bit number that identifies the sender or receiver of information sent across the Internet. An IP address has two parts: The identifier of the particular network on the Internet and the identifier of the particular device (which can be a server or a workstation) within that network. The newer IP, Version 6, provides a 128-bit addressing scheme to support a much greater number of IP addresses. (See DHCP, IP).