Analysis: The story behind MIPS-Chipidea breakup

What does IP stand for?
(1) Internet Protocol is a basic communication language or protocol widely used in the Internet or a private network. It is a data-oriented protocol used for communicating data across a packet-switched internetwork. (2) Intellectual Property. A product of the intellect that has commercial value, including copyrighted property (literary or artistic works) and ideational property (patents, appellations of origin, business methods and industrial processes).

What is a processor?
Refers to a system that accepts a program as input, prepares it for execution and executes the process defined with data to produce results. Can be a short term for a microprocessor or central processing unit (CPU) in computer.