Definition
PTP/IP
Picture Transfer Protocol over IP
PTP/IP is PTP carried over a network connection instead of a USB cable, letting a camera transfer photos and accept commands wirelessly over Wi-Fi.
PTP/IP takes the same Picture Transfer Protocol used over USB and runs it across an IP network. The camera either broadcasts its own Wi-Fi or joins a shared network, and the connected device communicates with it exactly as it would over a cable — just wirelessly.
PTP/IP is what makes wireless tethering possible: it's how a phone can detect captures, pull full-resolution files, and deliver them to the cloud without a physical connection to the camera.
See also
Put it into practice
CloudTether tethers your camera to your phone and delivers every shot to the cloud, live as you shoot — no laptop.