VOIP (Voice-over-IP) is a voice delivered medium using the Internet protocol.  The term is also used to describe IP telephony which is a set of facilities for managing the delivery of voice information using the Internet protocol.  In general, this means sending voice information in digital form in discrete packets rather than in the traditional circuit dedicated protocols of the public switched telephone network (PSTN).  VOIP allows individual to make a telephone call and send faxes over IP data based network with a suitable quality of service, and value added in superior cost and benefit.  In today's world, many applications have been identified to be implemented by VOIP.  For example, voice messages can be prepared by using a telephone and then delivered to an integrated voice/data mailbox using Internet or Intranet services.  Voice annotated documents, multimedia files, etc. can easily become standard within office suites in the near future.  VOIP uses the real time protocol to help make sure that the packets get delivered to ensure a good quality of service in a timely mode.  Currently, the voice quality of VOIP products' dedicated line is almost similar to regular telephones, sometimes it is even better.  Better service is possible with private networks managed by an Internet telephony service provider (ITSP).  A major advantage of VOIP and Internet telephony is that it reduces the calling cost and provides other associated advanced services.  This makes VOIP extra valuable to individual users, households and companies, particular those who deals with long distance and international calls.  In the long run, VOIP can bring enormous savings and benefits throughout the industry over traditional method by PSTN and will revolutionize the world as a potential leader in communications of the future.