What is Internet Protocol or IP ?

Answer 1

An Internet Protocol address (IP address) is a numerical label assigned to each device (e.g., computer, printer) participating in a computer network that uses the Internet Protocol for communication.
An IP address serves two principal functions: host or network interface identification and location addressing. Its role has been characterized as follows: "A name indicates what we seek. An address indicates where it is. A route indicates how to get there."

The designers of the Internet Protocol defined an IP address as a 32-bit number and this system, known as Internet Protocol Version 4 (IPv4), is still in use today. However, due to the enormous growth of the Internet and the predicted depletion of available addresses, a new addressing system (IPv6), using 128 bits for the address, was developed in 1995, standardized as RFC 2460 in 1998, and is being deployed worldwide since the mid-2000s.

IP addresses are binary numbers, but they are usually stored in text files and displayed in human-readable notations, such as 172.16.254.1 (for IPv4), and 2001:db8:0:1234:0:567:8:1 (for IPv6).

Answer 2

Further Information:

In very simple terms, an IP is sort of like the address of your computer or internet router, like the address of your residence. It identifies the equipment so that information can be sent and received by your specific computer, like your residence address allows you to recieve mail that is sent to you, and not your neighbor.

Since an IP can sometimes be exploited to gain access to a piece of equipment (such as your computer), it is strongly suggested that you use a good firewall program and antivirus and anti-spyware programs (kept updated and run reguarly) to help prevent unscrupulouspeople from "hacking" into your system. These are not foolproof, so you should be sure to back up any important information that you keep on your computer, but taking these steps will go far towards protecting you from many invasive techniques used by people trying to  get your information or cause you other types of trouble.

IrCQnet employs a system to "mask" or "cloak" or encode your true IP by giving you a "fake" IP on our network so that others cannot view your true IP.  This system is set in place by default on IrCQnet. Not all chat networks use this.