What do you know about Consistent Hashing?

[binhnguyennus]

Consistent Hashing is a widely used techniques to distribute data and traffic. It is implemented in Cassandra, Akka, Akamai, etc. Any experienced back-end guy must know about it!

[arialdomartini]

This one is very interesting. Rather than asking about the technique itself, I'd rather describe the problem, and invite to a discussion how to tackle it.
Something like (taken from Wikipedia)

Consider the problem of load balancing where a set of objects (say, web pages or video segments) need to be assigned
to a set of n servers. One way of distributing objects evenly across the n servers is to use a standard hash function and place
object o in server with id hash ( o ) ( mod n )
However, if a server is added or removed, the server assignment of nearly every object in the system may change.
This is problematic since servers often go up or down and each such event would require nearly all objects
to be reassigned and moved to new servers.

Consistent Hashing would be one possible approach.
What do you think?