Possible Duplicate:
What does the __VIEWSTATE hold?
I’m studying the code for my company’s website, and I see the following:

Basically, the code is this:
<div>
<input type="hidden" name="__EVENTTARGET" id="__EVENTTARGET" value="" />
<input type="hidden" name="__EVENTARGUMENT" id="__EVENTARGUMENT" value="" />
<input type="hidden" name="__VIEWSTATE" id="__VIEWSTATE" value="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....... ETC... ETC. ... VURrv" />
</div>
Why would anyone do this? Does it have anything to do with obfuscation?
These hidden fields hold the event and view state data to support server side work in web forms.
TRULY Undstanding ViewState would start you on the way – it is a rather old article by now, but very good regardless. The two other hidden fields use to manage server side events.
I also suggest reading Understanding the JavaScript __doPostBack Function.