Today Yahoo has launched a digg type social bookmarking service called Yahoo Buzz which will use users’ voting to the most popular content from different websites or blogs across the Internet and bring them to Yahoo’s homepage, world’s number 1 most visited website according to alexa.

Yahoo Buzz works almost like Digg, del.icio.us or Reddit, which give readers the chance to submit and rate stories they like, with the highest-rated stories often getting boatloads of referral traffic.

However Buzz is different from Digg and other bookmarking sites in case of user submissions. It does not let its users to submit stories from the Web. The stories on Buzz will be from about 100 pre-selected news sites and blogs like Wired.com, Forbes, Time, The Huffington Post, Boing Boing, Portfolio etc.

A story is ranked based on its Buzz Score just like it is measured on digg on the basis of number of diggs. The score is derived from search term popularity, the number of times a story is emailed from Buzz, and the number of votes a story receives. Stories with the highest Buzz Scores may be published on the Yahoo! home page.

These are some salient features of Yahoo Buzz…

• Buzz features the most interesting stories and videos on the Web
• Content is ranked based on votes, search-term popularity, and what everyone is reading and emailing
• Buzz drives traffic directly to your site to read the full story
• Users can vote for your content from your site or on Buzz itself
• Top Buzz content may be featured on the Yahoo! homepage
• Yahoo has also promised to launch syndication tools, including APIs and customized modules for Buzz and to accept new publishers also.