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Currents is a competitor to Zite or Flipboard. You plug in a few interests (wine, technology, fashion) and it spits out articles that are ranked by an algorithm in order of their popularity and pertinence. It's essentially a suggestion engine.
Reader was an RSS organizer. You had to subscribe to a website's feed and you would receive all of that website's posts in your inbox as they were published. Much more user-driven.
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