IPv4

Internet Protocol version 4 (IPv4) is the fourth iteration of the Internet Protocol (IP) and it is the first version of the protocol to be widely deployed. IPv4 is the dominant network layer protocol on the Internet and apart from IPv6 it is the only standard internetwork-layer protocol used on the Internet.

It is described in IETF RFC 791 (September 1981) which made obsolete RFC 760 (January 1980). The United States Department of Defense also standardized it as MIL-STD-1777.

IPv4 is a data-oriented protocol to be used on a packet switched internetwork (e.g., Ethernet). It is a best effort protocol in that it does not guarantee delivery. It does not make any guarantees on the correctness of the data; this may result in duplicated packets or packets delivered out of order. These aspects are addressed by an upper layer protocol (e.g. TCP, and partly by UDP).

IPv4 uses 32-bit (four-byte) addresses, which limits the address space to 4,294,967,296 (2³²) possible unique addresses. However, some are reserved for special purposes such as private networks (~18 million addresses) or multicast addresses (~16 million addresses). This reduces the number of addresses that can be allocated as public Internet addresses. As the number of addresses available are consumed, an IPv4 address shortage appears to be inevitable, however Network Address Translation (NAT) has significantly delayed this inevitability.

This limitation has helped stimulate the push towards IPv6, which is currently in the early stages of deployment and is currently the only contender to replace IPv4.

source : http://en.wikipedia.org/wiki/IPv4