SCTP is a transport layer protocol that provides benefits over TCP and UDP for transmitting signaling messages over IP networks. It allows for multi-homing where a connection can be established over multiple network interfaces, multi-streaming to send multiple streams of data over a single connection, and preserves message boundaries during transmission. SCTP also protects against SYN flooding attacks, uses selective acknowledgements to selectively retransmit only missing parts of data, and supports both ordered and unordered delivery of messages.