link exchange is a group of websites that operates similarly to a web ring. Website owner & webmasters register their web sites with a central organization also known as a link exchange directory, that runs the exchange, and in turn receive from the link exchange directory HTML code which the webmaster insert into their web pages.
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 text or banner advertisements, for the sites of other members of the exchange, on the member's links page which is where most of the HTML codes are placed on the site.
