We discussed the nature of a peer-to-peer network and presented framework for self-regulating peer-to-peer network. In the sense that the information service of a peer-to-peer network is by the peer, for the peer, and of the peer, we coined a word of Peercracy to describe its spirits. Also we realized that each peer is liable for regulating the whole network, because a general manager does not exist there. To be peercratic, we gave chances for each peer to express its opinions on the information retrieval. Therefore, we adopted 3-way handshaking protocol in which there are three messages such as a query, a response, and a feedback. Using feedbacks of peers, a peer-to-peer network could be self-regulating and self-optimizing.