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CobWeb is an open-access content distribution network (CDN) that provides low latency lookups, resilience to flash crowds, and optimal utilization of network resources. Unlike traditional Web caches and CDNs, which rely on ad hoc heuristics for replica placement and cache management, CobWeb achieves superior performance through a unique analysis driven approach. CobWeb derives the optimal replica placement strategy by posing the fundamental performance-overhead tradeoff as a resource constraint problem. Analytically modeling the costs and performance benefits of replicas enables CobWeb to convert the systems problem to an optimization problem. The optimization problem can then be solved to provide, for instance, minimal lookup latency while achieving a targeted bandwidth cost, or to achieve a targeted lookup performance while minimizing bandwidth consumption. CobWeb is currently deployed on Planet-Lab and is available for open access through an intuitive easy-to-use interface.