Link Exchange

Link exchange is a confederation(2 websites working as one unit)of
websites that operates similar to a web ring. webmasters register
their websites with the organization, that runs exchange,and in turn
receive HTML code from the exchange that need to be inserted in
their webpages. In contrast to a web ring, where the HTML code simply
comprises simple circular ring navigation hyperlinks, in a link
exchange the HTML code causes the display of banner advertisements,for
the sites of other members of the exchange,on the member web sites,and
webmasters have to create such banner advertisements for their own web
sites.

The banners are downloaded from the exchange. A monitor on the exchange
determines,from referral information supplied by web browsers,how many
times a member web site has displayed the banner advertisements of
other members, and credits that member with a number of displays of
its banner on some other member's web site. Link exchanges usually operate
on a 2:1 ratio, such that for every two times a member shows a second member's
banner advertisement, that second member displays the first member's banner
advertisement. This page impressions:credits ratio is the exchange rate.

A webring (or web ring) is a collection of websites linked together in
a circular structure, and usually organized around a specific theme,often
educational or social.