VoIP is a whole range of technologies, protocols, techniques and methodologies applied over an IP network to facilitate voice and multimedia traffic flow. It is more of a generic term which can mean a hobbyist project on a P2P basis, or a full-fledged PSTN replacement. It involves a sequence of well laid out steps like signalling channel and media channel set up, digitization, encoding, compression, packetization and hop-by-hop transmission over packet based IP networks as independent entities before reaching the destination.
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