THE COSMOLOGICAL ORIGIN OF GAMMA RAY BURSTS (GRBS) COMBINED WITH THEIR BRIGHTNESS IN THE GAMMA-RAY REGIME LEAD TO GREAT EXPECTATIONS IN USING THESE SOURCES AS COSMOLOGICAL PROBES. IN ADDITION THE RECENT DISCOVERY OF GRAVITATIONAL WAVES FROM BLACK HOLE BINARY MERGERS MARKS THE ADVENT OF A BRAND NEW FIELD IN ASTRONOMY IN WHICH GRBSRESULTING FROM COMPACT OBJECT MERGERSWILL DEFINITELY PLAY A MAJOR ROLE. HOWEVER BEFORE USING GRBS AS TOOLS WE MUST FIRST UNDERSTAND THE ORIGIN AND NATURE OF THE RADIATIONS RELEASED DURING THESE POWERFUL EXPLOSIONS AND INVESTIGATE IF GRBS CAN BE ESTABLISHED AS STANDARD CANDLES. THE AIM OF OUR PROJECT IS TO (I) PROBE THE NATURE OF GRB PROMPT EMISSION OVER THE BROADBAND SPECTRUM FROM THE OPTICAL TO THE GAMMA-RAY REGIME USING A MULTICOMPONENT MODEL THAT WE HAVE BEEN SUCCESSFULLY DEVELOPING DURING THE PAST YEARS (II) EXPLORE THE TRANSITION BETWEEN PROMPT AND AFTERGLOW EMISSIONS AND (III) TEST A NEW LUMINOSITY-HARDNESS RELATION DERIVED FROM OUR MULTI-COMPONENT MODEL WHICH SHOWS PROMISES IN ESTABLISHING GRBS AS COSMOLOGICAL STANDARD CANDLES.