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This paper presents the design and theoretical analysis of a P2P resource exchange market, a novel application of markets to the domain of P2P backup. While the long-term goal is an open market using real money, here the paper considers a system where monetary transfers are prohibited. The paper first describes the design of the market and the user interface one developed. Second, the paper proves theorems on equilibrium existence and uniqueness. Third, the paper presents a price update algorithm that uses daily supply and demand information to move prices towards the equilibrium. The market design described in this paper is already implemented as part of a Microsoft research project on P2P backup systems and an internal alpha version of the software has been released.
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