Internet Protocol version (IPv6) greatly increases the number of addresses on the internet.
Network address translation (NAT) reduces the need for large numbers of addresses, thus overcoming a major limitation of IPv4.
How do these approaches work?
What are the advantages of each? Once IPv6 achieves widespread implementation, will NAT still be useful?

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Initially IPv4 was providing unique address for each host connected to the Internet. When the amount of available addresses began to exhaust it was implemented the NAT technology. This practically uses ports to map the external traffic of a computer behind a gateway/firewall to a single global routable IP address. The effect is hiding the number of hosts residing behind the routing device. From outside it is visible a single access point for all outbound connections. In the same way, from inside it is seen a single exit point for all computers residing on the internal LAN...

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