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This review paper dissects the optical interconnect system into its components and explains the foundational concepts behind the various passive and active components along with the performance metrics. The performance of different types of on-chip lasers, grating and edge couplers, modulators, and photodetectors are compared. The potential of a slot waveguide is investigated as a new foundation since it allows for guiding and confining light into low index regions of a few tens of nanometers in cross-section. Additionally, it can be tun