inet6num: 2400:4e80::/32 netname: TAIFO-NET descr: Taiwan Intelligent Fiber Optic Network Co.,Ltd. descr: No.3, Ln12, Wuquan 3rd., descr: New Taipei City Taiwan 242 country: TW admin-c: OL85-AP tech-c: OL85-AP status: ALLOCATED PORTABLE mnt-by: MAINT-TW-TWNIC mnt-lower: MAINT-TW-TWNIC mnt-irt: IRT-TWNIC-AP last-modified: 2013-11-05T01:41:30Z source: APNIC
IP address ranges, or netblocks, are groups of related IP addresses. They are usually represented as a base IP address, followed by a slash, and then a netmask which represents how many IP addresses are contained within the netblock. This format is known as CIDR. You'll also sometimes see netblocks given as a start ip address, and an end ip address, or an ip address range.
Traffic works its way around the internet based on the routing table, which contains a list of networks and their associated netblocks.