Method and system for throttling I/O request servicing on behalf of an I/O request generator to prevent monopolization of a storage device by the I/O request generator

A request servicing device that fairly services electronic requests received by the request servicing device from request generating devices interconnected with the request receiving device, the request servicing device including:

• a memory that contains an established maximum rate of request servicing, an expected time for serving a request at the maximum rate of request servicing, and a pricing tier for each request generating device and that contains, for each request generating device with a premium pricing tier, an instantaneous rate of request servicing by the request servicing device;
• and
• control functionality that services electronic requests received from the request generating devices and that, following servicing of each request from a request generating device by the request servicing device, determines a time elapsed during servicing of the request so that, when the time elapsed during servicing of the request is less than the expected time for serving a request established for the request generating device, the control functionality calculates a remaining time equal to the difference between expected time for serving a request established for the request generating device and the time elapsed during servicing of the request and waits for a length of time based on the calculated remaining time prior to servicing another request for the request generating device.