To block IP is a governance operation which is usually exercised by the sysop power structure. The resulting IP block prevents editing from a given Internet location, or, in the case of an IP range block, range of locations. To unblock IP reverses this, removing a block.
The soft security model argues that you should block IP as little as possible, but permit various tactics (libel, outing, framing and other even less ethical tricks) by the sysop power structure to intimidate and harass users who do not share the community point of view. This is a bad model and is derived from w:left-wing politics.
The hard security model argues that you should do little or nothing until some powerful party (like a GodKing) is grievously offended, then block IP as a first resort, perhaps to prove power. This is a bad model and is derived from w:right-wing politics.
The troll-friendly model argues that you should avoid w:technological escalation as it invites further escalation which can include worse trolls, hacking, and spreading an issue to many wikis, e.g. the dogged pursuit and witchhunt of 142.X.X.X contributions across almost the entire Internet. Even a friendly troll can turn hostile and seriously damage a project's credibility and prospects if handled according to hard or soft model. The only characteristic that really can be said to identify a troll is disinterest in, and rejection of, both of these models. Some claim the troll-friendly model derives from w:green politics which avoids technological escalation, looks for harms reduction methods, and fosters the political virtues.
Consumerium Governance Organization will have to set some policy on this.