Yahoo Buzz, the service previously available since early this year to only a select 400 publishers, opens up today for everyone. Although somewhat similar to Digg, Yahoo Buzz employs advanced algorithms to avoid gaming of the system. As stories buzzed through the new service may appear on the very home page of Yahoo, with all the associated mega-traffic, Yahoo rightfully expected that some would try to cheat and milk traffic off Yahoo Buzz.

In February, under the threat of a hostile takeover by Microsoft, Yahoo didn’t let the guard down and announced the introduction of a new service, called “Yahoo Buzz”, which will employ users’ votes on the most interesting stories on the Internet. The service will be similar cu Digg and will have users “buzz” the best stories, which will later bring them to the Yahoo homepage. The more unique and compelling the story, the better chance your story of choice will buzz up to the Yahoo homepage, said Tapan Bhat, senior vice president of front doors, communities, and network services at Yahoo on a company blog.

The new service will include anything from the latest news, to intriguing images or videos, and viewers will need to vote their favorites if they want to see them among the most popular. The system is meant to increase both the popularity of Yahoo’s website, as well as improve the way viewers relate to the content of Yahoo pages.

The main purpose will not be the ranking itself, but rather allowing users to contribute to Yahoo’s front page and better relate to it. According to statistics, Yahoo has an audience of tens of millions of viewers monthly in the United States alone, which means plenty of Buzzes.

Already, the new service overtook Digg in traffic scores, attracting nearly 7 million unique U.S. visitors. So, if you are a webmaster, it is time to start adding those Yahoo Buzz buttons to your website right away, to get a chance for some server-melting traffic.