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(April 2010). A virtual IP address (VIP or VIPA) is an IP address that doesn't correspond to an actual physical network interface (port). Uses for VIPs include Network Address Translation (especially, One-to-many NAT), fault-tolerance, and mobility.
What is Verification IP? Verification IP (VIP) blocks are inserted into the testbench for a design to check the operation of protocols and interfaces, both discretely and in combination. Most standard protocol and interface IP enables verification engineers to check basic features, such as system start-up. VIP enables more detailed exploration.