“IP based” means the camera connects to your home network like other PCs, laptops, game systems, etc. As opposed to outputting some kind of traditional video signal like Composite or HDMI maybe.
“Cloud based” means it’s still IP based, but also connects to the internet. Probably forwards the video feeds to the cloud where they store it for you as a service. As opposed to you having some kind of recorder/storage on the network.
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