Final answer:
IPv4 is the most commonly used version of the Internet Protocol that has limitations in address space to cater to the explosive growth of the Internet.
Step-by-step explanation:
The most used version of IP is IP version 4, or IPv4. IPv4 has been the backbone of the Internet since its inception, ensuring devices can communicate over networks. However, it was designed with a limited address space that cannot accommodate the ever-growing number of devices and users on the Internet today.
The development of networks began in the 1960s and 70s with government and university collaboration, leading to the birth of the Internet and the commercialization of the same in the 1980s. The early Internet was quite restrictive, allowing only official and research communications. Networking technology, however, practiced constant improvements behind the scenes, leading to the wide-scale adoption of a uniform protocol system.
With the rise of the World Wide Web, eventual advancements in networking technology, and the implementation of high-capacity fiber-optic backbones, the Internet has expanded beyond its original design. The subsequent introduction of broadband connections, web services, and search engines has facilitated the transition of the Internet into a platform for multimedia content distribution and commercial use, challenging the originally intended democratic, peer-to-peer sharing institution.