When connected at a distance, each endpoint would be fitted with a modem to convert analog telecommunications signals into a digital data stream.
The ARPANET used leased lines to provide point-to-point data links between its packet-switching nodes, which were called Interface Message Processors.
With the exception of passive optical networks, modern Ethernet is exclusively point-to-point on the physical layer – any cable only connects two devices.
A hub provides a point-to-multipoint (or simply multipoint) circuit in which all connected client nodes share the network bandwidth.
The resources in such a connection can be released when no longer needed, for example, a television circuit from a parade route back to the studio.