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Load-balancing in existing P2P technologies is still not ideally solved, such as low load-balancing degree and excess assumption conditions and so on. Here an improved load-balancing algorithm is presented. The algorithm assigns rational ID address space that can be dynamically regulated to every peer based on its load capacity. In addition, the improved algorithm also adopts flow control mechanism, which can automatically select light-load peers with low delay and high bandwidth for load transfer. The simulation experiments demonstrate the improved algorithm owns faster velocity of load-balancing and less cost on load-transfer compared to traditional Chord protocol. Furthermore, the improved algorithm can maintain high load-balancing degree even under the condition of heavy network load, and has no particular requirement to the property of peers.