Web rings are used to bring together a community of website managers with related interests. This tool has been expanded to blogs. Unfortunately, I know of no service that helps readers to quickly scan the entire blog-ring for new posts. This could be accomplished by simply including a news aggregator in the webring system. Ideally, it would automatically find the feed for each site in the webring and keep a list of syndicated content.
This system could be expanded to allow ring-members to vote (recommend) on new postings thereby bringing the article to the attention of the entire community (similar to how things work on Scoop). I expect that this could be accomplished by having ring-members insert a little bit of Javascript code for a "recommend" button.
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Seems very doable. Even MicroSoft Excel has the functions available for this purpose.