SCTP is a transport layer protocol that provides reliable transmission of data streams over connectionless networks. It supports multi-homing by allowing endpoints to connect over multiple IP addresses, allowing fault tolerance by switching connections if one path fails. SCTP establishes connections using a four-way handshake and supports ordered and unordered delivery of data chunks. It uses sequence numbers, acknowledgments, and retransmissions to ensure reliable and error-free data transfer. Flow control is implemented using a receiver window and congestion control uses mechanisms similar to TCP.