TE (traffic exchange) is a type of website which provides a service for webmasters in exchange for traffic. It is similar to the autosurf concept with the exception that traffic exchanges usually use a manual rotation.
A traffic exchange website receives website submissions from webmasters that join traffic exchange networks. The person who submitted the website then has to browse other member sites on the exchange program to earn credits, which enable their sites to be viewed by other members through the surf system. This increases the number of visitors to all the sites involved. In layman's term, you view others' websites in order to promote your own website.
Almost all traffic exchange programs are free, although many of them offer special features to paid members and offer credits for purchase. Almost all traffic exchange programs encourage users to build their own referral networks, which in turn increases the referrers' amount of credits.
In practice, traffic exchange programs are generally used by small business owners or marketers who either want free advertising or use the exchange programs for low-budget advertisement campaigns.
In the subpages that I created, I have outlined the TEs that I have joined. I have also organized them in groups and schedules so that I could maximize visits to all of them. Feel free to take a tour around.