diff --git a/src/identify/index.js b/src/identify/index.js
index ca1d70e47c..6f3490379a 100644
--- a/src/identify/index.js
+++ b/src/identify/index.js
@@ -148,10 +148,9 @@ class IdentifyService {
    *
    * @async
    * @param {Connection} connection
-   * @param {PeerID} expectedPeer The PeerId the identify response should match
    * @returns {Promise<void>}
    */
-  async identify (connection, expectedPeer) {
+  async identify (connection) {
     const { stream } = await connection.newStream(MULTICODEC_IDENTIFY)
     const [data] = await pipe(
       stream,
@@ -181,7 +180,7 @@ class IdentifyService {
 
     const id = await PeerId.createFromPubKey(publicKey)
     const peerInfo = new PeerInfo(id)
-    if (expectedPeer && expectedPeer.toB58String() !== id.toB58String()) {
+    if (connection.remotePeer.toString() !== id.toString()) {
       throw errCode(new Error('identified peer does not match the expected peer'), codes.ERR_INVALID_PEER)
     }
 
@@ -192,7 +191,7 @@ class IdentifyService {
     IdentifyService.updatePeerAddresses(peerInfo, listenAddrs)
     IdentifyService.updatePeerProtocols(peerInfo, protocols)
 
-    this.registrar.peerStore.update(peerInfo)
+    this.registrar.peerStore.replace(peerInfo)
     // TODO: Track our observed address so that we can score it
     log('received observed address of %s', observedAddr)
   }
@@ -283,7 +282,7 @@ class IdentifyService {
     IdentifyService.updatePeerProtocols(peerInfo, message.protocols)
 
     // Update the peer in the PeerStore
-    this.registrar.peerStore.update(peerInfo)
+    this.registrar.peerStore.replace(peerInfo)
   }
 }
 
diff --git a/src/index.js b/src/index.js
index 245babd5e5..9d99228c55 100644
--- a/src/index.js
+++ b/src/index.js
@@ -54,9 +54,7 @@ class Libp2p extends EventEmitter {
     this.upgrader = new Upgrader({
       localPeer: this.peerInfo.id,
       onConnection: (connection) => {
-        const peerInfo = getPeerInfo(connection.remotePeer)
-
-        this.peerStore.put(peerInfo)
+        const peerInfo = this.peerStore.put(new PeerInfo(connection.remotePeer))
         this.registrar.onConnect(peerInfo, connection)
         this.emit('peer:connect', peerInfo)
       },
@@ -144,7 +142,7 @@ class Libp2p extends EventEmitter {
     this.peerRouting = peerRouting(this)
     this.contentRouting = contentRouting(this)
 
-    this._peerDiscovered = this._peerDiscovered.bind(this)
+    this._onDiscoveryPeer = this._onDiscoveryPeer.bind(this)
   }
 
   /**
@@ -340,7 +338,7 @@ class Libp2p extends EventEmitter {
 
       // TODO: this should be modified once random-walk is used as
       // the other discovery modules
-      this._dht.on('peer', this._peerDiscovered)
+      this._dht.on('peer', this._onDiscoveryPeer)
     }
   }
 
@@ -351,6 +349,11 @@ class Libp2p extends EventEmitter {
   _onDidStart () {
     this._isStarted = true
 
+    this.peerStore.on('peer', peerInfo => {
+      this.emit('peer:discovery', peerInfo)
+      this._maybeConnect(peerInfo)
+    })
+
     // Peer discovery
     this._setupPeerDiscovery()
 
@@ -362,24 +365,17 @@ class Libp2p extends EventEmitter {
   }
 
   /**
-   * Handles discovered peers. Each discovered peer will be emitted via
-   * the `peer:discovery` event. If auto dial is enabled for libp2p
-   * and the current connection count is under the low watermark, the
-   * peer will be dialed.
+   * Called whenever peer discovery services emit `peer` events.
+   * Known peers may be emitted.
    * @private
    * @param {PeerInfo} peerInfo
    */
-  _peerDiscovered (peerInfo) {
-    if (peerInfo.id.toB58String() === this.peerInfo.id.toB58String()) {
+  _onDiscoveryPeer (peerInfo) {
+    if (peerInfo.id.toString() === this.peerInfo.id.toString()) {
       log.error(new Error(codes.ERR_DISCOVERED_SELF))
       return
     }
-    peerInfo = this.peerStore.put(peerInfo)
-
-    if (!this.isStarted()) return
-
-    this.emit('peer:discovery', peerInfo)
-    this._maybeConnect(peerInfo)
+    this.peerStore.put(peerInfo)
   }
 
   /**
@@ -432,7 +428,7 @@ class Libp2p extends EventEmitter {
           discoveryService = DiscoveryService
         }
 
-        discoveryService.on('peer', this._peerDiscovered)
+        discoveryService.on('peer', this._onDiscoveryPeer)
         this._discovery.push(discoveryService)
       }
     }
diff --git a/src/peer-store/index.js b/src/peer-store/index.js
index 559335a018..27f6d5929e 100644
--- a/src/peer-store/index.js
+++ b/src/peer-store/index.js
@@ -45,7 +45,7 @@ class PeerStore extends EventEmitter {
 
     let peer
     // Already know the peer?
-    if (this.peers.has(peerInfo.id.toB58String())) {
+    if (this.has(peerInfo.id)) {
       peer = this.update(peerInfo)
     } else {
       peer = this.add(peerInfo)
@@ -118,15 +118,12 @@ class PeerStore extends EventEmitter {
 
     if (multiaddrsIntersection.length !== peerInfo.multiaddrs.size ||
       multiaddrsIntersection.length !== recorded.multiaddrs.size) {
-      // recorded.multiaddrs = peerInfo.multiaddrs
-      recorded.multiaddrs.clear()
-
       for (const ma of peerInfo.multiaddrs.toArray()) {
         recorded.multiaddrs.add(ma)
       }
 
       this.emit('change:multiaddrs', {
-        peerInfo: peerInfo,
+        peerInfo: recorded,
         multiaddrs: recorded.multiaddrs.toArray()
       })
     }
@@ -139,14 +136,12 @@ class PeerStore extends EventEmitter {
 
     if (protocolsIntersection.size !== peerInfo.protocols.size ||
       protocolsIntersection.size !== recorded.protocols.size) {
-      recorded.protocols.clear()
-
       for (const protocol of peerInfo.protocols) {
         recorded.protocols.add(protocol)
       }
 
       this.emit('change:protocols', {
-        peerInfo: peerInfo,
+        peerInfo: recorded,
         protocols: Array.from(recorded.protocols)
       })
     }
@@ -170,13 +165,7 @@ class PeerStore extends EventEmitter {
       peerId = peerId.toB58String()
     }
 
-    const peerInfo = this.peers.get(peerId)
-
-    if (peerInfo) {
-      return peerInfo
-    }
-
-    return undefined
+    return this.peers.get(peerId)
   }
 
   /**
@@ -217,6 +206,16 @@ class PeerStore extends EventEmitter {
 
     this.remove(peerInfo.id.toB58String())
     this.add(peerInfo)
+
+    // This should be cleaned up in PeerStore v2
+    this.emit('change:multiaddrs', {
+      peerInfo,
+      multiaddrs: peerInfo.multiaddrs.toArray()
+    })
+    this.emit('change:protocols', {
+      peerInfo,
+      protocols: Array.from(peerInfo.protocols)
+    })
   }
 }
 
diff --git a/test/dialing/direct.spec.js b/test/dialing/direct.spec.js
index f5eaff9aa8..57ff1d0048 100644
--- a/test/dialing/direct.spec.js
+++ b/test/dialing/direct.spec.js
@@ -216,7 +216,8 @@ describe('Dialing (direct, WebSockets)', () => {
       })
 
       sinon.spy(libp2p.dialer.identifyService, 'identify')
-      sinon.spy(libp2p.peerStore, 'update')
+      sinon.spy(libp2p.peerStore, 'replace')
+      sinon.spy(libp2p.upgrader, 'onConnection')
 
       const connection = await libp2p.dialer.connectToMultiaddr(remoteAddr)
       expect(connection).to.exist()
@@ -225,7 +226,7 @@ describe('Dialing (direct, WebSockets)', () => {
       expect(libp2p.dialer.identifyService.identify.callCount).to.equal(1)
       await libp2p.dialer.identifyService.identify.firstCall.returnValue
 
-      expect(libp2p.peerStore.update.callCount).to.equal(1)
+      expect(libp2p.peerStore.replace.callCount).to.equal(1)
     })
 
     it('should be able to use hangup to close connections', async () => {
diff --git a/test/identify/index.spec.js b/test/identify/index.spec.js
index 8cc372c60d..d39ac0e295 100644
--- a/test/identify/index.spec.js
+++ b/test/identify/index.spec.js
@@ -47,7 +47,7 @@ describe('Identify', () => {
       protocols,
       registrar: {
         peerStore: {
-          update: () => {}
+          replace: () => {}
         }
       }
     })
@@ -57,17 +57,17 @@ describe('Identify', () => {
     })
 
     const observedAddr = multiaddr('/ip4/127.0.0.1/tcp/1234')
-    const localConnectionMock = { newStream: () => {} }
+    const localConnectionMock = { newStream: () => {}, remotePeer: remotePeer.id }
     const remoteConnectionMock = { remoteAddr: observedAddr }
 
     const [local, remote] = duplexPair()
     sinon.stub(localConnectionMock, 'newStream').returns({ stream: local, protocol: multicodecs.IDENTIFY })
 
-    sinon.spy(localIdentify.registrar.peerStore, 'update')
+    sinon.spy(localIdentify.registrar.peerStore, 'replace')
 
     // Run identify
     await Promise.all([
-      localIdentify.identify(localConnectionMock, remotePeer.id),
+      localIdentify.identify(localConnectionMock),
       remoteIdentify.handleMessage({
         connection: remoteConnectionMock,
         stream: remote,
@@ -75,9 +75,9 @@ describe('Identify', () => {
       })
     ])
 
-    expect(localIdentify.registrar.peerStore.update.callCount).to.equal(1)
+    expect(localIdentify.registrar.peerStore.replace.callCount).to.equal(1)
     // Validate the remote peer gets updated in the peer store
-    const call = localIdentify.registrar.peerStore.update.firstCall
+    const call = localIdentify.registrar.peerStore.replace.firstCall
     expect(call.args[0].id.bytes).to.equal(remotePeer.id.bytes)
   })
 
@@ -92,7 +92,7 @@ describe('Identify', () => {
     })
 
     const observedAddr = multiaddr('/ip4/127.0.0.1/tcp/1234')
-    const localConnectionMock = { newStream: () => {} }
+    const localConnectionMock = { newStream: () => {}, remotePeer }
     const remoteConnectionMock = { remoteAddr: observedAddr }
 
     const [local, remote] = duplexPair()
@@ -128,7 +128,7 @@ describe('Identify', () => {
         peerInfo: remotePeer,
         registrar: {
           peerStore: {
-            update: () => {}
+            replace: () => {}
           }
         }
       })
@@ -148,7 +148,7 @@ describe('Identify', () => {
 
       sinon.spy(IdentifyService, 'updatePeerAddresses')
       sinon.spy(IdentifyService, 'updatePeerProtocols')
-      sinon.spy(remoteIdentify.registrar.peerStore, 'update')
+      sinon.spy(remoteIdentify.registrar.peerStore, 'replace')
 
       // Run identify
       await Promise.all([
@@ -163,8 +163,8 @@ describe('Identify', () => {
       expect(IdentifyService.updatePeerAddresses.callCount).to.equal(1)
       expect(IdentifyService.updatePeerProtocols.callCount).to.equal(1)
 
-      expect(remoteIdentify.registrar.peerStore.update.callCount).to.equal(1)
-      const [peerInfo] = remoteIdentify.registrar.peerStore.update.firstCall.args
+      expect(remoteIdentify.registrar.peerStore.replace.callCount).to.equal(1)
+      const [peerInfo] = remoteIdentify.registrar.peerStore.replace.firstCall.args
       expect(peerInfo.id.bytes).to.eql(localPeer.id.bytes)
       expect(peerInfo.multiaddrs.toArray()).to.eql([listeningAddr])
       expect(peerInfo.protocols).to.eql(localProtocols)
@@ -198,7 +198,7 @@ describe('Identify', () => {
       })
 
       sinon.spy(libp2p.dialer.identifyService, 'identify')
-      sinon.spy(libp2p.peerStore, 'update')
+      sinon.spy(libp2p.peerStore, 'replace')
 
       const connection = await libp2p.dialer.connectToMultiaddr(remoteAddr)
       expect(connection).to.exist()
@@ -207,7 +207,7 @@ describe('Identify', () => {
       expect(libp2p.dialer.identifyService.identify.callCount).to.equal(1)
       await libp2p.dialer.identifyService.identify.firstCall.returnValue
 
-      expect(libp2p.peerStore.update.callCount).to.equal(1)
+      expect(libp2p.peerStore.replace.callCount).to.equal(1)
       await connection.close()
     })
 
diff --git a/test/peer-discovery/index.node.js b/test/peer-discovery/index.node.js
index 5f8b13a348..72babbf00a 100644
--- a/test/peer-discovery/index.node.js
+++ b/test/peer-discovery/index.node.js
@@ -48,6 +48,7 @@ describe('peer discovery scenarios', () => {
       },
       config: {
         peerDiscovery: {
+          autoDial: false,
           bootstrap: {
             enabled: true,
             list: bootstrappers
@@ -84,6 +85,7 @@ describe('peer discovery scenarios', () => {
       },
       config: {
         peerDiscovery: {
+          autoDial: false,
           mdns: {
             enabled: true,
             interval: 200, // discover quickly
@@ -111,9 +113,11 @@ describe('peer discovery scenarios', () => {
       }
     })
 
-    await remoteLibp2p1.start()
-    await remoteLibp2p2.start()
-    await libp2p.start()
+    await Promise.all([
+      remoteLibp2p1.start(),
+      remoteLibp2p2.start(),
+      libp2p.start()
+    ])
 
     await deferred.promise
 
@@ -130,11 +134,14 @@ describe('peer discovery scenarios', () => {
         dht: KadDht
       },
       config: {
+        peerDiscovery: {
+          autoDial: false
+        },
         dht: {
           randomWalk: {
             enabled: true,
-            delay: 100,
-            interval: 200, // start the query sooner
+            delay: 100, // start the first query quickly
+            interval: 1000,
             timeout: 3000
           },
           enabled: true
@@ -153,9 +160,10 @@ describe('peer discovery scenarios', () => {
       }
     })
 
-    await remoteLibp2p1.start()
-    await remoteLibp2p2.start()
-    await libp2p.start()
+    await Promise.all([
+      remoteLibp2p1.start(),
+      remoteLibp2p2.start()
+    ])
 
     // Topology:
     // A -> B
@@ -165,8 +173,12 @@ describe('peer discovery scenarios', () => {
       remoteLibp2p2.dial(remotePeerInfo1)
     ])
 
+    libp2p.start()
+
     await deferred.promise
-    await remoteLibp2p1.stop()
-    await remoteLibp2p2.stop()
+    return Promise.all([
+      remoteLibp2p1.stop(),
+      remoteLibp2p2.stop()
+    ])
   })
 })
diff --git a/test/peer-store/peer-store.spec.js b/test/peer-store/peer-store.spec.js
index 08da6e12bf..95be069f99 100644
--- a/test/peer-store/peer-store.spec.js
+++ b/test/peer-store/peer-store.spec.js
@@ -56,7 +56,6 @@ describe('peer-store', () => {
     // Put the peer in the store
     peerStore.put(peerInfo)
 
-    sinon.spy(peerStore, 'put')
     sinon.spy(peerStore, 'add')
     sinon.spy(peerStore, 'update')
 
@@ -75,7 +74,6 @@ describe('peer-store', () => {
 
     peerStore.put(peerInfo)
 
-    expect(peerStore.put.callCount).to.equal(1)
     expect(peerStore.add.callCount).to.equal(0)
     expect(peerStore.update.callCount).to.equal(1)
   })
diff --git a/test/registrar/registrar.spec.js b/test/registrar/registrar.spec.js
index a56854d42b..563762376a 100644
--- a/test/registrar/registrar.spec.js
+++ b/test/registrar/registrar.spec.js
@@ -166,7 +166,7 @@ describe('registrar', () => {
 
       // Remove protocol to peer and update it
       peerInfo.protocols.delete(multicodec)
-      peerStore.put(peerInfo)
+      peerStore.replace(peerInfo)
 
       await onDisconnectDefer.promise
     })