SCOT Ontology Model
The core concepts of SCOT include Tagcloud and Tag. Tagcloud class represents a collective semantics emerged from the tagging activities of the people who are socially connected while the Tag class provides a semantically rich way of representing the concept of a tag and the relationship among tags in a given social space. One notable difference with other approaches is the implication of resources that are linked by the unique tag namespace of SCOT. Generally a tag exists in a resource and a tagcloud as a set of tags has a link to connect among the tag and the resource. We do not describe each piece of resource information in the SCOT Ontology, but we can connect a resource of individual tag by URI mechanism.
The SCOT ontology is linked to the three dimensional relationships that are represented in SIOC, FOAF, and SKOS. We use the SIOC concepts to describe site information
and relationships among site-resources as well as site-site and use the FOAF concepts to represent either a human or machine agent because a tag can be generated manually by a human user or automatically by a machine. Also we try to represent the relationships among users. This relationship has the two aspects: user-user and user-user group. When we are tagging and are using them, we assume these relationships. Finally, we use the SKOS to allow semantically relate a tag with another tag such as skos:broader and skos:narrower.

The Folksonomy Triangle
It is quite simple model to explain what is folksonomy.

copyright to all biscuit’s photos (http://www.flickr.com/photos/allbiscuit/)
Folksonomy is overrated?
I think folksonomy might be overrated. The vision and principles of folksonomy are reasonable. The problem stems from the realization.
Tagging is a user-oriented cognitive activity, but folksonomy is only statistically weighted terms lists There is no meanings and relationships among each terms Sharing and Reusing data limited to host site Folksonomy itself is NOT solution
what do we need?
Minimal Structure Minimal Semantic Unique local tag namespace
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Here you’ll find development, updates and plans on tagging innovations.