Peer-to-peer (P2P) networks use the fundamental assumption that the nodes in the network will cooperate and will not cheat. In the absence of any common goals shared by the nodes of a peer-to-peer network, external motivation to cooperate and be trustworthy is mandated. Digital Reputations can be used to inject trust among the nodes of a network. This paper presents PRIDE, a reputation system for decentralized peer-to-peer networks. PRIDE uses self-certification a scheme for identification of peers using digital certificates similar to SDSI certificates, an elicitation-storage protocol for exchange of recommendations and IP Based Safeguard (IBS) to mitigate a peer's vulnerability to 'liar farms.