This is a very interesting initiative that will reward deeper investigation. The idea, as suggested in the title, is to merge blogging and the semantic web. But what does that mean? It takes blogging and "applies it to structured items with richer metadata data. The metadata would include classification of the items into one or more topic ontologies, semantic links between items ('supports', 'refutes', 'extends' etc.) as well as less formal annotations and ratings."
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