Running out of IP addresses?

The world is running out of IP addresses, so I heard.. Whats the solution? add more numbers of course.. the standard is 4 octets, the new system will be double that.. meaning 64-bit rather than 32-bit. I also heard they will be switching to Hex rather than decimal.. so we will be looking at 5EA.6BB.55E.AA3 rather than 192.168.1.1.. this is what Ive heard around.. ill have to look more into it.. let me know your thoughts.