Overview#
Exchange is generally the act of giving one
thing and receiving another
thing in return.
Fair Exchange Protocol#
A fair exchange protocol is based on solving the Fair Exchange Problem.
As an example suppose
Alice and
Bob, who wish to have a
Transaction (perhaps
cryptographic) "items" somehow.
However, you run into the Fair Exchange Problem:
- suppose Alice sends her item to Bob
- but Bob then refuses to send his item to Alice.
In that case, it is not a fair exchange: Bob got Alice's item, but Alice got nothing in return.
Fair Exchange Protocols seek to ensure that scenario never happens. Either they both get each other's "item" or they both get nothing.
An Exchange of
goods and
Services is often called a
Transaction and these often take place within a
Market
Exchange types#
Exchange, in
Telecommunications, may be a code that refers to a
Central Office Exchange
Code
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