I have to do a college project on
decentralized internet. I have tried searching on google and Wikipedia but not found any proper article (not "properly explained" to me at least). Can anyone give me some idea about how does it work and its usability in future?
The public Internet is decentralized. It is simply the ISPs connecting to each other in whatever way each decides and negotiates with its peers. ISPs decide to which other ISPs they want to connect, and they negotiate the connections. Some ISPs will offer services that let other ISPs connect to each other, and there are some inter-connection points where a bunch of ISPs will connect to each other, but there is no central authority dictating how ISPs connect to other ISPs.
There are some generally accepted practices that ISPs use. For example, the routing protocol of the Internet is BGP. That doesn't mean that an ISP cannot reach an agreement with another ISP to use a different routing protocol between the two, but in general, ISPs need to use BGP with other ISPs, which is by general ISP consensus.