New from Kosmix is Tweetbeat, a third party application where you can follow every major event happening on Twitter. It filters the entire Twitter firehose for the most relevant tweets, and it’s done in real time. It first flaunted a public demo this week at the TechCrunch Disrupt Conference in San Francisco, where the app ate its own dog food in tracking the event.

“The genius of Twitter is that it democratizes expression,” says co-Founder Anand Rajaraman during the conference. “”But with the whole world tweeting, it’s hard to distinguish the signal from the noise. Tweetbeat helps you find what matters,” he added.

Tweetbeat uses Kosmix’s advanced semantic technology based on the Web’s largest taxonomy, enabling it to understand the relationships, influence and trends among tweets. It identifies which are the most relevant ones even without keywords and hashtags. It also uses relevance meter to see which should be on top and which should not be included. It first debuted with a preview site called Tweetbeat World Cup earlier this year, showcasing the Kosmix’s core technology.

Tweetbeat proves there’s still a demand for third party twitter services, especially around real-time aggregation. With 90 million tweets per day, it would be hard to keep track of what is truly important. The application chooses the most relevant comments and displays them in real-time, may it be news, football updates or celebrity shout outs. Also, live events can be searched via the application, such as important political affairs, replays of current events and tweets of particular important figures about a certain happening.  It’s an aspect of search many are exploring for their own purposes, including Live Matrix and others in the publishing industry.

For Twitter, having this community of apps is still important, even as it fleshes out its features with mobile tools and site redesigns.  The monezitation of Twitter is th biggest area of focus at this point, with many third party developers looking to stay in the races while Twitter paves its own course.  This week brought news of a dying and newly birthed advertising method on Twitter, as well as some traffic milestones for the microblogging site.