What is a peer-to-peer network, and what are it's advantages and disadvantages?

What will be an ideal response?

A peer-to-peer network is a collection of computers in which each computer can act as a client or a server, or both, and each has equal authority. Advantages of a peer-to-peer network are that it is easy to install, is relatively inexpensive to implement, doesn't require extensive training or special staff, and the lose of a single machine will not cripple the network. Disadvantages include lack of security, difficult to locate resources, reduced performance when computer is acting as server, and limitation on the number of users.