The link structure of the Web graph is used in algorithms such as Kleinberg’s HITS and Google’s PageRank to assign authoritative weights to Web pages and thus rank them. Both require a centralized computation of the ranking if used to rank the complete Web graph. In this paper, we propose a new approach based on a Layered Markov Model to distinguish transitions among Web sites and Web documents. Based on this model, we propose two different approaches for computation of ranking of Web documents, a centralized one and a decentralized one. Both produce a well-defined ranking for a given Web graph. We then formally prove that the two approaches are equivalent. This provides a theoretical foundation for decomposing linkbased rank computation and makes the computation for a Web-scale graph feasible in a decentralized fashion, such as required for Web search engines having a peer-to-peer architecture. Furthermore, personalized rankings can be produced by adapting the computation at bot...