Cognitive radio is an emerging wireless technology that is envisaged as a solution to the spectrum scarcity issue. To improve spectrum utilization, cognitive (unlicensed) wireless users are assigned an opportunistic access to vacant channels on the condition they avoid interference with primary (licensed) users. In this paper we present an impressive design of a low complexity and high efficiency dynamic spectrum access technique for cognitive radio networks. This spectrum assignment algorithm does not require central controllers nor the pre-establishment and maintenance of common control channels. Yet, it can provide throughput and fairness levels that approach the performance of centralized systems. In addition, the proposed technique reacts extremely well to disturbances in the cognitive radio network configuration, including when primary users are activated, or when newcomer cognitive users join the network. Furthermore, we present in this work an analytical model that can be used to provide quick predictions of the performance of our proposed algorithm.