Decentranet - An Ethereum, Proxy Re-Encryption and IPFS Based Decentralized Internet

Abstract

The global daily data generation is estimated to be more than 2.5 quintillion bytes, and more than 90 percent of the total data produced is generated in the last two years. Most of this data is being generated and controlled by very few centralized agencies in the Web 2.0 internet architecture. This causes issues, including data manipulation, lack of privacy, and data leaks historically and is not just limited to the fields mentioned. This paper proposes a Web 3.0 based architecture which eliminates the centralized agencies and to promote a fully decentralized, secure, and transparent internet. It leverages IPFS, a peer to peer distributed hypermedia transfer protocol. Ethereum and smart contracts create a secure decentralized mechanism for initiating data-based payments. Furthermore, the proposed architecture uses zero-knowledge proofs and proxy re-encryption mechanisms to enhance the privacy of the nodes in the network.