> For the complete documentation index, see [llms.txt](https://glossary.ecsa.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://glossary.ecsa.io/exchange.md).

# Exchange

A foundational term in the ECSA economic grammar. A simultaneous and reciprocal transfer of objects of value, encoded as a transaction record on ledgers. The practical agreements we make through trade determine the transactions recorded. ECSA is an invitation to understand the economy as a re-designable communication medium and organization system, where our exchanges are not only material but also informatic. This opens exchange as a very interesting design space. See Distributed Exchange Protocol.