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Usenet is one of the oldest computer network communications systems still in widespread use. It was created in 1979, well before the popularization of the Internet and well before the World Wide Web. Today, almost all Usenet traffic is carried over the Internet. The format and transmission of Usenet articles is very similar to that of Internet email messages. However, whereas email is usually used for one-to-one communication, Usenet is a many-to-many medium.
The articles that users post to Usenet are organized into topical categories called newsgroups, which are themselves organized into hierarchies of subjects. For instance, sci.math and sci.physics are within the sci hierarchy, for science. When a user subscribes to a newsgroup, his news client software keeps track of which articles he has read.
When a user posts an article, initially it is only available on that user's news server. Each news server, however, talks to one or more other servers (its "newsfeeds") and exchanges articles with them. In this fashion, the article is copied from server to server and (if all goes well) eventually reaches every server in the network. Some have noted that this seems a monstrously inefficient protocol in the era of abundant high-speed network access; it was designed for a time when networks were much slower, and not always available. Many sites on the original Usenet network would connect only once or twice a day to batch-transfer messages in and out.
Today, Usenet has lost importance compared to mailing lists and weblogs. The difference to mailing lists, though, is that Usenet requires no personal registration with the group concerned (subscription is necessary only to keep track of which articles you've already read), that archives are always available, and that reading the messages requires no mail client, but a news client (included in most modern browsers).
Most Internet service providers, and many other Internet sites, operate news servers for their users to access. To read news, one must use newsreader software—a program which resembles an email client (and is often integrated with one) but accesses Usenet instead.
Not all Internet sites run news servers. A news server is one of the most difficult Internet services to administer well, because of the complexity and data throughput involved. Some ISPs outsource news operation to specialist sites, which will usually look just the same to a user as if the ISP ran the server itself. Many sites carry only a restricted newsfeed, with only a limited number of newsgroups. Commonly omitted from such a newsfeed are foreign-language newsgroups and the alt.binaries hierarchy which largely carries software and erotica.
For those who have access to the Internet, but do not have access to a news server, Google Groups ([1]) allows reading and posting of text news groups via the World Wide Web. Though this or other "news-to-Web gateways" are not always as easy to use as specialized newsreader software—especially when threads get long—they are often much easier to search.
There are also Usenet providers which specialize in offering service to users whose ISPs do not carry news, or which carry a restricted feed. One list of such providers is available at Jeremy Nixon's list of Usenet providers. There is even a newsgroup for the discussion of news providers specialized in the binary newsgroups—alt.binaries.news-server-comparison.