IP Addressing was developed in 1973, it allows for over 4.3 Billion addresses but is very wasteful with only 250 million of the useable. Movement from v4 to v6 is slow but will happen.
IP v6 has been released to overcome this offering 3.4×10³⁸ addresses. This offers 128-bit addresses.
IP v6 is backwards compatible with v4 and can run on a system at the same time.
Addresses compose of eight 16-bit fields represented in hexadecimal format and separated by colons.