The Internet Protocol (IP) is the fundamental protocol that defines how data is sent between computers on the Internet. IP addresses uniquely identify each computer and data is sent in packets that contain the source and destination addresses. Packets can take different routes and arrive out of order, with TCP ensuring proper ordering. IP is connectionless and sends each packet independently. The most common versions are IPv4 and the newer IPv6. The IP datagram structure includes a header with fields like version, length, checksum, and source/destination addresses, followed by the data. Large data can be fragmented into multiple packets for transmission.