Point to Point Protocol (PPP) is a data link protocol commonly used to establish dial-up connections between a host and internet service provider. PPP encapsulates packets for transmission and provides error detection but not correction. It allows for negotiation of network layer addresses and establishment of a connection while keeping the protocol simple and streamlined. PPP frames contain flags for framing, an address field that is unused, a control field also currently unused, and a protocol field to indicate the upper layer protocol of the encapsulated data.