Literally it means to compost with worms. Vermicompost is said to be richer in nutrients than other methods, but magnesium and pH need to be adjusted (according to wiki references). Vermicompost contains worm mucus, which helps prevent nutrients from washing away as quickly and held retain moisture. This enriches the soil with micro organisms. This process also reduces greenhouse gas emissions (compared to landfills and incinerators or methane harvest).
The worms most commonly used at red wigglers, lumbricus rubellus, and european nightcrawlers. There are other worms that could be used and that depends on region, weather, and conditions.
The smell is said to be minimal. This is something I would suggest looking into for someone who does not have a lot of space or time. Worms are awesome.
Vermicomposting (more commonly called worm composting) uses a contained forest floor ecosystem and red compost worms (Eisenia foetida) to convert kitchen waste into worm castings, one of the most valuable organic soil amendments you can get.
Worm castings provide both quick-release and longer-term nutrients to plants, and are an excellent addition to container garden soil. The last chamber of the worm gut inoculates the castings with beneficial bacteria and fungi as they pass through. These organisms help convert the organic matter in potting soil into plant-available nutrients, and compete with root pathogens that would otherwise attack your plants.
The leachate (liquid) that accumulates at the bottom of a worm bin makes an excellent liquid fertilizer. Dilute it 50-50 with water, and use it for watering house plants and window boxes. The web site below provides information on setting up and troubleshooting a worm composting system.
Essentially composting with worms in a closed container. The worms replace the need to aerate, tumble, turn or oxygenate your compost pile by drilling thousands of tunnels between their bedding and freshly added food in trays above them. This compost or vermicompost is derived from the worm casts or the solid and liquid waste from them. One caveot is the worms require weekly maintenace and relatively high maintenance!
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