In Peer-to-Peer networks based on consistent hashing and ring topology each server is responsible for an interval chosen (pseudo-)randomly on a circle. The topology of the network, the communication load and the amount of data a server stores depend heavily on the length of its interval. Additionally the nodes are allowed to join the network or to leave it at any time. Such operations can destroy the balance of the network, even if all the intervals had equal lengths in the beginning. This paper deals with the task of keeping such a system balanced so that the lengths of intervals assigned to the nodes differ at most by a constant factor. We propose a simple fully distributed scheme which works in a constant number of rounds and achieves optimal balance with high probability. Each round takes time at most O(D + log n), where D is the diameter of a specific network (e.g. Θ(log n) for Chord [15] and Θ log n log log n for [12, 11]). The scheme is a continuous process which does not h...