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Self-organizing structure and availability of almost unlimited resource capacities make the peer-to-peer architecture very attractive for large-scale sharing of annotated data in Web 2.0 scenarios. This paper addresses the problem of information aggregation and utilization in a decentralized tagging environment. We introduce the vector space model for characterization of users, resources, and tags. We analyze the problem of constructing a reliable approximation for feature vectors in a fully decentralized setting and introduce possible solutions. The results of large-scale systematic evaluation with realistic data sets witness the viability of our approach.