The field of pervasive computing especially the Internet of Things (IoT) network is evolving due to high network speed and increased capacity offered by the 5G communication system. The IoT network identifies each device before giving it access to the network. The RFID system is one of the most prominent enabling technologies for the node identification. Since the communication between the node and the network takes place over an insecure wireless channel, an authentication mechanism is required to avoid the malicious devices from entering the network. This paper presents a brief survey on the authentication protocols along with the prominent cryptanalysis models for the EPC C1G2 RFID systems. A comparative analysis is provided to highlight the common weaknesses of the existing authentication algorithms and to emphasize on the lack of security standardization for the resource constraint IoT network perception layer. This paper is concluded by proposing an ultralightweight protocol that provides Extremely Good Privacy (EGP). The proposed EGP protocol avoids all the pitfalls highlighted by the cryptanalysis of the existing authentication protocols. The incorporation of the novel ultralightweight primitives, Per-XOR ( ) and Inverse Per-XOR ( −1 ), makes the protocol messages more robust and irreversible for all types of adversaries. A comprehensive security analysis illustrates that the proposed protocol proves to be highly resistive against all possible attack scenarios and ensures the security optimally.Radio Frequency Identification (RFID) system is emerging as an enabling technology for the node discovery due to the features such as high speed, long range, and nonline of sight scanning [4]. The RFID enabled IoT networks are being preferred in various surveillance, monitoring, and healthcare applications. Table 1 highlights some of the prominent applications reported in the literature.The architecture of the RFID enabled IoT network is composed of three components: the RFID system, the IoT middleware, and the Internet [15]. The RFID system facilitates the node identification and the data collection. The data gathered from the environment under observation is processed by the IoT middleware. The IoT middleware also acts as a gateway to the external Internet [16].The architecture of the RFID system embedded in an IoT network consists of three main components; the Electronic Product Code (EPC) tag, the reader, and the database. The tag is a low-cost electronic chip with the unique identification number ( ). The reader identifies each tag associated with