Peer-to-peer (P2P) networks have become an integral part of the technology landscape in recent years. From file-sharing and web search engines to streaming platforms and blockchains, the distributed architecture of the underlying P2P model is what allows these systems to work.
Essentially, a P2P network consists of a group of devices that share and store computer files. Each participant (node) takes a role both as a client and as a server, downloading files from other nodes, and/or uploading files to them. This is what distinguishes P2P networks from the traditional client-server systems, which rely on a centralized server or administrator to store and process the files.
In terms of P2P architectures, we generally differentiate between unstructured, structured and hybrid models. Unstructured networks, where nodes communicate randomly, are considered robust and require low maintenance costs. Still, they depend heavily on flooding the network with queries in an inefficient fashion. Structured P2P networks present an organized architecture, allowing nodes to efficiently search for files, yet they tend to be more centralized and require higher setup and maintenance costs. Hybrid networks combine the best of both worlds and usually combine high efficiency with decentralized features.
The P2P architecture is also at the core of most blockchain networks, like Bitcoin. Here, the nodes play a crucial role in securely storing and recording transactions and verifying blocks, without the need for intermediaries or a centralized server. Furthermore, cryptocurrencies generally have greater resistance to censorship, since their transactions can’t be blocked or frozen by middleman entities.
However, one of the main drawbacks of P2P architectures is the relatively low efficiency in comparison to more traditional models. Adding transactions to a blockchain requires a huge amount of computing power and makes scalability an obstacle for widespread adoption. Moreover, the distributed nature of P2P networks makes them difficult to control and regulate, and makes them vulnerable to legal issues and copyright infringements.
Overall, Peer-to-peer models have revolutionized the way computers and networks store and share data. Still, it’s important to understand their advantages and limitations in order to make the best possible use of them. It also makes sense to look into alternative scaling solutions, such as the Lightning Network, Ethereum Plasma and the Mimblewimble protocol, that may reduce the computing power and energy inputs required to efficiently run a blockchain network.
