Good day friends and it's my delight to write again today. This time I'm writing my assignment on cryptolessons given by @benton3 the teacher. We are so glad to be receiving these lessons and I appreciate a lot the effort of @steemkidss.
So below I will write my answers to all the questions as they were given.

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Question 1

Define and explain an exchange?

Exchanges

In the business world, exchanges is a marketplace where goods and services or commodities are traded or exchanged for money. It's the same in the crypto world, exchanges are simply the digital platform that allows users of crypto to trade or swap the crypto asset for other currencies. For example bitcoin can be exchanged for any Fiat money or another crypto via exchanges. It can also be swapped for other currencies. This is the major work of exchanges.
In other words, exchanges are online market where people can buy and sell their cryptocurrencies, and the prices of these cryptocurrencies are determined by concept of supply and demand.

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Question 2

Explain in details what is done in an Exchange.

Things that can be done using exchanges

buying and selling of cryptocurrency

Exchanges allow people to buy and sell their cryptoassets.
The buyer can swap already owned crypto coin for another coin he may want. He can also purchase the coin using his credit or debit card.
In the selling process the seller decides to sell and already owned crypto and swap with another one which he desires.
The seller sets the price he wants to sell the crypto asset and if it is agreeable to the buyer then he can sell it.
The above-mentioned is the major work of exchanges, that is, buying and selling of cryptocurrencies.
But apart from these functions exchanges also allow for the following:

• Storage of cryptocurrencies
• Farming
• Staking

Also exchange is allowed for transfer of cryptocurrencies from one network to the other which means that cryptocurrencies can be transferred from one exchange to another. But this action must be done using the same network with both exchanges so as to avoid the risk of losing coins.

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My dear friends, this is all I can write for the assignment. I invite you all to also participate in the crypto lesson for the week.
I invite @fortwis09, @ibtisamwaqas, @sheban to to write their own homework and submit before deadline.

Special greetings:
@ngoenyi
@benton3
@goodybest