Demoed at the Web 2.0 Summit in San Francisco towards the end of last week, Oink is a new, upcoming application for both iPhone and iPod touch, which aims to help you discover the best of everything.

It’s creator? – Digg co-founder, Kevin Rose.

Set to be credited to the young entrepreneur’s new start-up, “Milk”, Oink is not another Foursquare, nor does it lend its original concept from Google Maps or Yelp Search. Instead, Oink will curate a whole load of rankings, comparisons, and activity in your social sphere, helping you to connect to and discover physical “things” in society.

The best way to explain what Kevin meant by this, is to show you the following slide:

In fact, if you were to compare the basic framework of Oink to another service, it would have to be Digg. Focusing on what’s hot, most popular and current right now, Oink asks the community to rate, compare and provide opinion on certain things. These things can range from “where’s the best place to drink tea?”, to finding a good place to sit at a restaurant once you arrive, and more.

For each category (or hashtag), Oink will return the top three most talked about, highest-ranked “things” in the community that it has learned that you’re interested in, allowing you to instantly make a bunch of decisions, and perhaps even change your own personal opinion of the current discussion point — and with users of the service ranked on “levels,” based on their overall experience and time using Oink, you’ll always know if the advice being given out is sound or not.

Currently, there’s no word on when we might see Oink make its official App Store debut, however, Kevin did announce that the company is looking to pushing out what it calls “Oink Builder”, later this week. A closed beta, Oink Builder is designed to test the service works in real-world situations and will be open to a select group of highly-experienced testers.

Check out Kevin showing off Oink and his vision for the new service, below – then be sure to head to Oink.com and sign in with your Twitter account to get on the list and be notified when the service eventually goes public!

[CultOfMac via iClarified]