Yesterday, 7:48 PM · 32 replies and 458 views.
I'm afraid it's nothing like that. What you described is client/server.
As far as we know ED uses P2P, and indeed every indication points to there never being one "host player". Instead, you have a group of equal peers, each owning a part of the objects in the instance. When a peer leaves, all the objects that he owned are transferred and owned by another peer.
The only server in this case is Frontier's matchmaking server, which keeps track of all the instances in the game, and replies to requests by players who want to drop out at a certain location and are looking for an instance. These instance searches take a range of parameters like what private group you're in, which players you have blocked, etc - based on that you get a result instance with a list of IP addresses of all the peers.
A core attribute of P2P networking is that the peer with the worst connection determines the transmission speed of ALL peers, hence the need for measuring the health of an instance. This is why sometimes you can't...