Google +1 is yet another attempt to make Google more social. It's Google's version of the Facebook "likes", a simple feature that's very powerful because it's part of a social network.
Google will show +1 buttons next to all search results and ads, while encouraging other sites to include the buttons. All +1's are public and they're tied to Google Profiles. The goal is to use this data to personalize search results and ads by recommending sites +1'd by your friends. Google Social Search already does this, but there's no support for Facebook likes, so Google had to come up with a substitute.
Sometimes it’s easier to find exactly what you’re looking for when someone you know already found it. Get recommendations for the things that interest you, right when you want them, in your search results.
The next time you’re trying to remember that bed and breakfast your buddy was raving about, or find a great charity to support, a +1 could help you out. Just make sure you're signed in to your Google Account.
In order to +1 things, you first need a public Google profile. This helps people see who recommended that tasty recipe or great campsite. When you create a profile, it's visible to anyone and connections with your email address can easily find it.
Your +1’s are stored in a new tab on your Google profile. You can show your +1’s tab to the world, or keep it private and just use it to personally manage the ever-expanding record of things you love around the web.
The +1 button is shorthand for "this is pretty cool" or "you should check this out."
Click +1 to publicly give something your stamp of approval. Your +1's can help friends, contacts, and others on the web find the best stuff when they search.
Source: www.google.com/+1/button
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