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The mechanism for carrying a VoIP connection generally involves a series of signaling transactions between the endpoints (and gateways in between), culminating in two persistent media streams (one for each direction) that carry the actual conversation. There are several protocols in existence to handle this. In this section, we will discuss some of those that are important to VoIP in general and to Asterisk specifically.
The test of your Asterisk-ness comes when you have to pronounce the name of this protocol. Newbies say "eye-ay-ex"; those in the know say "eeks." IAX[*] is an open protocol, meaning that anyone can download and develop for it, but it is not yet a standard of any kind.
[*] Officially, the current version is IAX2, but all support for IAX1 has been dropped, so whether you say "IAX" or "IAX2," it is expected that you are talking about the Version 2.