Stands for voice over Internet protocol. By using this technology, voice information can be sent in digital form over the Internet; as a result, people can use their computers, rather than their telephones, to place phone calls. Because the price of telecom equipment such as switches and circuits has dropped significantly, the cost savings from VoIP isnÂ’t as dramatic as it was during the later stages of the telecom boom that ended in 2000. See also IP.