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IPv4 is short for Internet Protocol version 4 and is the fourth version of IP that is has a 32-bit address which has a small addressing space of 4,294,967,296 which is 2 to the power of 32. The format of an IPv4 address is four octets each octet is eight bits long after every eight bit a dot is placed to separate each octet like so 188.8.131.52 or in binary form 11000000.10110001.00000010.00000011 to convert an IP address to binary use IP to Binary Converter. IPv4 is one of the main protocols on the internet but its time is coming to an end due to the new version of IP which is IPv6 by this time we should have been already using IPv6, but some websites and Internet Service Providers has not made the effort to switch so IPv4 will be around for a few years to come. IPv4 was first used in ARPANET back in 1983 IPv4 in the near further will be primarily used in private networks. In the early days of developing IPv4 Scientist would think that IPv4 would never run out of addresses I suppose they did not anticipate the rapid growth or internet and the introduction of Internet of Things (IOT) devices and multi-device computing would come into existence. To cope with this expanding growth new methods had to be introduced such as breaking IP into five distinct classes, Network Address Translation (NAT) and Classes Domain Routing (CIDR) to find out more on different classes of IP address and CIDR read IP Class Checker. These methods helped prolong the life of IPv4 due to the more efficient methods and stricter assigning polices that was implemented.
IP short for Internet Protocol is a logical address that is assigned to your device on your network which gives it the ability to communicate to other deceives on the network or internet to find out more information about an IP please read Generate a Random IP.
There are different versions of IP such as version 4 which is called IPv4 and version 6 which is called IPv6.The internet is currently going threw a phase where some networks have implemented the new version of IP which is IPv6, but some has not made the effort to make the switch in doing so the internet now currently is using the two both IPv4 and IPv6.