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CoRank, a new social bookmarking site that just came out of private beta is the new Digg clone in town. At first glance it looks similar to Digg, but actually its completely against the Digg´s ‘Wisdom of the Crowd’ philosophy.

The front page can display a ‘featured by all’ list of stories, but the real idea is that you use these stories to build your buddy list. After which you will only be able to see stories submitted by your friends. But if this seems like too much of a restricted world view you could tag your account to display ’sources of your sources’. A full list of features could be viewed here.

Its evident that the founders are trying to mixup the best of Digg and Del.icio.us. Although you are not hampered by other person´s permission to add him as a buddy, but then too creating an initial meaningful list of sources would be too much of a time investment, that atleast i am not willing to put into for something i could easily find out from digg.

See Rafe Needleman´s take on this.