For many folks, it's challenging to maintain healthy, functional compost piles in their backyard due to any number of reasons. Lack of carbon-rich material (leaves, straw, sawdust, etc), a lack of desire to give the pile the attention it's due and a lack of understand of the principles of worm composting all leave many biological recyclers with smelly, slimy piles that attract more wildlife than human attention. This is not to say that good healthy compost making isn't within the reach of us all, but that worm composting or 'vermicomposting' may be a faster, more enjoyable strategy for many folks (especially those without a good backyard space for a compost pile).
Vermicomposting essentially involves the human maintenance of a 'worm farm' or bin. Basically, organic matter, straw, leaves, newspaper, topsoil, etc are layered in a designated plastic bin that's been perforated with holes to allow air transfer and is then seeded with red wiggler worms. If kept moist and provided a steady supply of food scraps, the worms will breed and help to further break down household waste, leaving a wake of worm castings (an amazingly rich soil amendment) in their wake. What's more, you can choose to harvest the worms (I use them to 'seed' my garden with these amazing organic matter conversion factories) and create a liquid fertilizer from their castings.
Worm farming is easy, educational and fun. Do you have experience with worm composting?