ReadWriteWeb

What are the number one problems facing today's social networks? According to the young developer Vladislav Chernyshov they are: privacy issues, distraction and time-wasting, quantity over quality, ads, and lack of control over your identity. That's why he, Dmitry Gorpinchenko, and Andrew Chernyh, all students at Novosibirsk State Technical University (NSTU) in Russia, have founded Genome, an upcoming next-generation social networking service which addresses the main problem of Web 2.0: the ever-increasing quantity of Web 2.0 resources and the lack of tools to manage them.

Ian Rogers, VP Video and Media Applications at Yahoo! (prior to that GM of Yahoo! Music) has just published an epic post based on a talk he gave at a music industry conference in December. In it he outlines his vision for an open Media Web. It's very long, but is an excellent overview of how current Web music and video trends are slowly usurping the 'old media' world of the record companies and TV networks. His central theme is that "there is more opportunity in leveraging the scale of the Web than trying to create scarcity." He says that we can "do this together by creating a loosely-coupled value chain including users as value creators."

An interesting new online video series, called Open Media Web, debuted today. The first episode is an interview with Yahoo's Lucas Gonze - who created music playlisting service WebJay, acquired by Yahoo! in January 2006. The interview was conducted by Chris Messina and Brian Oberkirch. In it Gonze discusses his thoughts on the Open Media Web, on user-respectful business models and coercive business practices, and business opportunities for open systems and data.

Earlier this week we announced our Best BigCo of 2007 as Facebook and our Best LittleCo of 2007 as Twitter. In this post we'll give you our pick for Most Promising for Web in 2008.

Originally we planned to pick the most promising Web company for 2008. But in the end the ReadWriteWeb team decided to follow the example set by Time magazine last year, when it named "You" as its 'Person of the Year'.