IP which stands for Internet Protocol is a numerical address assigned to each device connected to computer network and which uses Internet protocol for communication.
In simple words, just like our parcels and post letters, computers need an address to send information to.
Without this address computers wouldn't know where to send the information to and you wouldn't have your social media, wheather, news, or this cool website.
Internet Protocol version 4 (IPv4) defines an IP address as a 32-bit number. However, because of the expansion of the Internet and the depletion of available IPv4 addresses, a new version of IP (IPv6), using 128 bits for the IP address, was developed in 1995, and standardized as RFC 2460 in 1998. IPv6 deployment has been ongoing since the mid-2000s.