DHCP stands for Dynamic Host Configuration Protocol.
what happens is, is a computer is setup for dhcp. Meaning that your ip setting is set to obtain an ip address automatically. You have to have a server on the other end receiving the ip address request. What this server has is a list of ip's that it has "bought". This server then assigns your computer with one of the ip's in it's list either just while your online or for a set amount of time.
The only computer that has a static IP address is the server or the computer running DHCP, which then asigns all the local computers IP address through DHCP automatically.
You can use many of the features in a peer-to-peer network. But you'll mainly use the IP address assignment feature, since in a p-to-p network you likely won't use DNS, bootp, domain name, or WINS.
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