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Massimo ScolaFlag for Switzerland

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Question about Internet Exchanges and Peering

This is an assignment question and I would like to know whether I'm heading into the right direction.
I need to explain the role of internet exchanges and peering.  
I was reluctant to ask this question, but as I am struggling I see 'no other way' than to seek help here.

The information we have received so far is from an audio book and because I didn't like the book I decided to do some research . The more I found, the more I got confused. That is why I'm struggeling.

Here is the information which I have collected to far:

Internet Exchanges are the physical points where large networks, autonomous networks meet to exchange data: peering
There are a number of exchanges: some are local and some are international. Internet Service Providers are typical autonomous networks which peer at Internet Exchanges - often at more than just one exchange. Smaller networks also peer with their upstream provider. (?)

Connections between these networks takes place with the BGP routing protocol. The networks are connected to more than just one exchange or other network. Should a connection be down, the routing protocol informs the other routers which will send the data via a different route.

It is easy for networks to peer with other networks and this is done often free of charge. This, in addition to the possibility of being able to add more networks to the Exchanges and AS makes this technology scalable and allows networks to grow

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I hope someone can give me some guidance on this - I'm sure I'm mixing a number of things up.

Thank you for your support.
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Salah Eddine ELMRABET
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The book is called Tubes: A Journey to the Center of the Internet

In one of the chapters he talks about the importance of exchanges and he is not going too much into detail. My assignment question - the last one for a long time - is to explain exchanges, peering and scalability. So not too much into detail.

Does it make sense when you read what I have written?
Hi,

This is the problem, Internet exchanges, peering and routing cannot be explained
not too much into detail

Salah