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Elastic IP
Elastic IP addresses are used by AWS to manage its dynamic cloud computing services. Within the infrastructure, customers have virtual private clouds (VPCs). Within the VPCs, users have instances. The Elastic IP address is what is used to advertise the data within the instance to the public internet.
Within the AWS cloud environment, AWS states that the Elastic IP is used for dynamic cloud computing. The distinction here is important. If an instance goes down within AWS, you want to maintain your IP address, as well as maintain communication with your AWS account.
Thus, an Elastic IP is a combination of a public IP address and a static IP address. It allows you to continue to advertise AWS instances within your AWS network infrastructure.