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Isn't it like a banner exchange, except that it shows links to multiple sites rather than just a single banner? It should in theory work better than a banner exchange since it's possible for a surfer to click through to more than one partner/member site.
I was working on something like this 2002; little iframes with multiple links pointing at other participants, every click on something on your site grants you a click from another site. I ended up abandoning it because of cheater concerns.
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