P2P networks allow computers to share resources without a centralized server by directly connecting peers in a decentralized manner. Peers act as both suppliers and consumers of resources with access rights governed by individual machine permissions. Popular examples of P2P systems include file sharing apps like Napster and BitTorrent as well as voice chat services like Skype. While P2P networks provide advantages like low costs and ease of use, they can also be less secure and introduce challenges in maintaining version control and duplicates.