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IP [ The Internet Protocol ] :

An Internet Protocol (IP) address is a numerical label that is assigned to devices participating in a computer network utilizing the Internet Protocol. An IP address is separate by . [Dot] b/w the numeric values.
Like every computer has its local IP, & the address of Local IP is 127.0.0.1
Every Domain name has its own IP address in World Wide Web [www].
An IP address help to domain identify uniquely in WWW. An IP address has two components, the Network Address & the Host Address.

Types of IP-Address:

#1) IP Loopback Address:

127.0.0.1 Is the loopback address in IP. Loopback is a test mechanism of network adapters. As with broadcast, IP officially reserves the entire range from 127.0.0.0 through 127.255.255.255 for loopback purposes.

#2) Zero Addresses:

As with the loopback range, the address range from 0.0.0.0 through 0.255.255.255 should not be considered part of the normal Class A range. 0.x.x.x addresses serve no particular function in IP, but nodes attempting to use them will be unable to communicate properly on the Internet.

#3) IP Private Address:

The IP standard defines specific address ranges within Class A, Class B, and Class C reserved for use by private networks (intranets). The table below lists these reserved ranges of the IP address space.

Class----Private start address----Private finish address
A---------10.0.0.0---------------10.255.255.255
B---------172.16.0.0--------------172.31.255.255
C---------192.168.0.0--------------192.168.255.255

Nodes are effectively free to use addresses in the private ranges if they are not connected to the Internet, or if they reside behind firewalls or other gateways that use Network Address Translation (NAT).