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IPv4 is the fourth version of the Internet Protocol, a core internet communication standard that assigns a unique numerical address to each device on a network to enable data routing. Written as four sets of numbers separated by dots (e.g., \(192.168.1.1\)), each number is called an octet, and the 32-bit address is used to identify and locate devices on the internet. 

Address assignment: Every device connected to a network is assigned a unique IPv4 address, similar to a unique mailing address for a house. This address is divided into a network portion and a host portion to identify the network and the specific device, respectively.

Data transmission: IPv4 is a connectionless protocol, meaning it breaks data into packets and sends them across the internet, with each packet potentially taking a different path. The receiving device reassembles these packets in the correct order.

Address format: A typical IPv4 address is written as a 32-bit number in decimal form, consisting of four octets separated by periods.

Limitations: The \(4.3\) billion unique addresses available with IPv4 have been nearly exhausted, leading to the development of IPv6. It also lacks built-in security authentication.

Address Classes: Older systems categorized IPv4 addresses into classes (A, B, C, D, and E), which determined the size of the network and host portions of the address. Today, a more flexible system called Classless Inter-Domain Routing (\(CIDR\)) is used, indicated by a slash and a number (e.g., \(/24\)) at the end of the IP address.