An Internet Protocol (IP) address is a numerical identification and logical address that is assigned to devices participating in a computer network utilizing the Internet Protocol for communication between its nodes.
The Internet Protocol (IP) has two versions currently in use. Each version has its own definition of an IP address. Because of its prevalence, the generic term IP address typically still refers to the addresses defined by IPv4.
IPv4 addresses are usually represented in dot-decimal notation (four numbers, each ranging from 0 to 255, separated by dots, e.g. 208.77.188.166).
This next generation of the Internet Protocol, aimed to replace IPv4 on the Internet, was eventually named Internet Protocol Version 6 (IPv6). Example of an IPv6 address: 2001:0db8:85a3:08d3:1319:8a2e:0370:7334
When a computer is configured to use the same IP address each time it powers up, this is known as a Static IP address. In contrast, in situations when the computer's IP address is assigned automatically, it is known as a Dynamic IP address.
Source: Wikipedia