Blog 500 Challenge : Alternatives to Technorati 100

The John Calcanis blog has oulined some flaws in Technorati indexing systems and is not a great fan of the Technorati 100 – which lists the top 100 biggest blogs in the blogosphere.

He believes there are several technorati issues like it counts number of sources not links to give a higher ranking, it is not updated often, people drop off the list for no reason, and it i?s based on the number of links for all time with advantage to older blogs and why the top 100 only, not 500. I tend to agree with several of these issues already.

Here is a quote of their prize offer

I wi?ll give $50,000 in advertising to the first person to come up with a better 100 list based on the feedback I ha?ve outline above (i.e. 500 folks, by links, based on the trailing 12 months, up and comer list, etc).

**Or** if some programmer out there wants to build this for Weblogs, Inc. I will pay you $10,000 in cash for a proper list straight up.

Anyone developer enough?