Peer-to-peer (P2P) computing or networking is a distributed application architecture that partitions tasks or workloads between peers. The peers evaluate other peers based on their past interactions and then aggregate this information in the whole network. However it may not be the true reflection of past behavior of the peers. Moreover such type of aggregation gives only the relative ranking of peers without any absolute evaluation of their past. This is more significant when all the peers responding to a query, are malicious. In such a situation only the peer came to know that who is better among them without knowing their rank in the whole network. Hence to mitigate the attacks by malicious peers and to motivate the peers to share the resources effectively and securely, in this paper, a new algorithm is proposed which accounts for the past behavior of the peers and will estimate the absolute value of the trust of peers. Consequently, good peers or malicious peers are identified. The proposed algorithm converges at some global consensus much faster by choosing suitable parameters. Because of its absolute nature it will equally load all the peers in network. It will also reduce the inauthentic download in the network which was not possible in existing algorithms.