This is an example of a logic gate that represents one or the other. When one input is on it works, and vica versa. When both imputs are turned on the output is 0. The NOT gate turns the output into the opposite of when it was just a XOR gate.
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Yes, this kind of circuit is a simple example of parity checker-it returns 1 when both bits are the same (in other words if both bits have same parity)and 0 otherwise.
--Bharat
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