The term "internet protocol" refers to a set of rules governing the formatting and transmission of data across the internet. It specifies how data packets are addressed, transmitted, and routed, ensuring that they reach their intended destinations efficiently. The most common internet protocol is IPv4, which uses a 32-bit addressing scheme. However, IPv6 has been introduced to address limitations of IPv4, providing a larger address space and improved routing capabilities to accommodate the growing number of devices connected to the internet.