IPv6 (Internet Protocol version 6) is the sixth revision to the Internet Protocol and the successor to IPv4. 
It functions similarly to IPv4 in that it provides the unique IP addresses necessary for Internet-enabled devices to communicate.
However, it does have one significant difference: it utilizes a 128-bit IP address.

Key benefits to IPv6 include:

No more NAT (Network Address Translation)
Auto-configuration
No more private address collisions
Better multicast routing
Simpler header format
Simplified, more efficient routing
True quality of service (QoS), also called "flow labeling"
Built-in authentication and privacy support
Flexible options and extensions
Easier administration (no more DHCP)

IPv4 uses a 32-bit address for its Internet addresses. That means it can provide support for 2^32 IP addresses in total around 4.29 billion. That may seem like a lot, but all 4.29 billion IP addresses have now been assigned, leading to the address shortage issues we face today.

IPv6 utilizes 128-bit Internet addresses. Therefore, it can support 2^128 Internet addresses—340,282,366,920,938,463,463,374,607,431,768,211,456 of them to be exact. The number of IPv6 addresses is 1028 times larger than the number of IPv4 addresses. So there are more than enough IPv6 addresses to allow for Internet devices to expand for a very long time.
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