Important Points IP address stands for €œInternet Protocol address. €The Internet Protocol is a set of rules for communication over the internet, such as sending mail, streaming video, or connecting to a website. An IP address identifies a network or device on the internet. The internet protocols manage the process of assigning each unique device its own IP address. (Internet protocols do other things as well, such as routing internet traffic. )This way, its easy to see which devices on the internet are sending, requesting, and receiving what information. Hence, IP stands for Internet Protocol.