IPV4 is the core internet protocol that has been used for over four decades to connect devices on the internet and local area networks (LANs). It uses 32-bit numerical IP addresses written in dotted decimal notation to identify devices. Key concepts of IPV4 include subnet masks that segment addresses into network and host parts, different address classes, public vs private addresses, and the Domain Name System (DNS) that converts names to addresses. Subnetting further divides IP networks to improve efficiency, security, and performance by allowing administrators to control traffic and simplify administration. The basic IPV4 packet structure consists of a header with routing information and a payload that carries the transmitted data.