What is Peer-to-Peer file sharing and how does "torrenting" work?

From HowStuffWorks website:

Peer-to-peer file sharing is different from traditional file downloading. In peer-to-peer sharing, you use a software program (rather than your web browser) to locate computers that have the file you want. Because these are ordinary computers like yours, as opposed to servers, they are called peers. The process works like this:

    • You run peer-to-peer file-sharing software on your computer and send out a request for the file you want to download.

    • To locate the file, the software queries other computers that are connected to the Internet and running the file-sharing software.

    • When the software finds a computer that has the file you want on its hard drive, the download begins.

    • Others using the file-sharing software can obtain files they want from your computer's hard drive.

Gnutella's peer-to-peer download proces

The file-transfer load is distributed between the computers exchanging files, but file searches and transfers from your computer to others can cause bottlenecks. Some people download files and immediately disconnect without allowing others to obtain files from their system, which is called leeching. This limits the number of computers the software can search for the requested file. Seeding refers to leaving a peer's connection available for other peers, i.e. leeches to download from. Normally, a peer should seed more data than leech. However, whether to seed or not, or how much to seed, is dependent on the availability of leeches and the choice of the peer at the seeding end.

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