The dip is a feature in the diffuse spectrum of ultra-high energy (UHE) protons caused by electron-positron pair production on the cosmic microwave background (CMB) radiation. For a power-law generation spectrum $E^{-2.7}$, the calculated position and shape of the dip is confirmed with high accuracy by the spectra observed by the Akeno-AGASA, HiRes, Yakutsk and Flys Eye detectors. When the particle energies, measured in these detectors, are calibrated by the dip, their fluxes agree with a remarkable accuracy. The predicted shape of the dip is quite robust. The dip is only modified strongly when the fraction of nuclei heavier than protons is high at injection, which imposes some restrictions on the mechanisms of acceleration operating in UHECR sources. The existence of the dip, confirmed by observations, implies that the transition from galactic to extragalactic cosmic rays occurs at $E lsim 1times 10^{18}$ eV. We show that at energies lower than a characteristic value $E_{rm cr}approx 1times 10^{18}$ eV, the spectrum of extragalactic cosmic rays flattens in all cases of interest, and it provides a natural transition to a steeper galactic cosmic ray spectrum. This transition occurs at some energy below $E_{rm cr}$, corresponding to the position of the so-called second knee. We discuss extensively the constraints on this model imposed by current knowledge of acceleration processes and sources of UHECR and compare it with the traditional model of transition at the ankle.
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