After acquiring Digg for less than anyone would have imagined, Betaworks is ready to start revitalizing the news-sharing social network.

Here’s what the News.me team had to say about it today on ReThinkDigg.com:

As betaworks and Digg both announced on their blogs, we are taking over Digg and turning it back into a startup. What they didn’t mention is that we’re rebuilding it from scratch. In six weeks.

On August 1, after an adrenaline and caffeine-fueled six weeks, we’re rolling out a new v1. With this launch, we’re taking the first step towards (re)making Digg the best place to find, read and share the most interesting and talked about stories on the Internet — and we want your help.

This is a really gutsy move, but when you make a low-dollar gamble like it did, there’s a high upside. I’m sure that this was the plan from the get-go, and I’m sure there are still Digg diehards out there who want to see the service return to glory.

The News.me team is asking for feedback and has posted a survey:

Rethink Digg — Survey 1 520x400 Betaworks is rebuilding Digg from scratch in just 6 weeks and wants your input

It’ll be interesting to see how many people still care and take the survey. I feel like this approach is the best one to take, given that users revolted after a redesign, which basically brought engagement and buzz about the property to a stall.

What will the News.me team come up with? It’ll be interesting to see, as this is the perfect way to show of its design and product chops.