Added after the comments:
Thanks to http://www.dailydump.org/ and their presentations

In our society most of the people are unconvinced about composting. Why would anyone want a big pile of rotting food in their yard or home? But composting is good for everybody.

Here in this instructable we will see about the myths and pros of composting.

What people have to say about composting?

1. They are smelly.

2. They look bad when done at home

3. But I don’t have a garden

4. it’s not my job (I pay taxes)

5. I do not have the time

6. I have tried. It didn’t work

7. I live in an apartment

What composters have to say about composting?

1. Waste Reduction

Fewer compostable in the landfills mean less landfill mass. Reducing the amount of stuff in our landfills directly affects all of us. When they try and build new landfills, they may try and build it in your backyard. Which is worse? A bucket of compost or a nearby landfill filled with rats?

2. Free Fertilizer
Why buy something you can make for free?

3. Better Soil
Are you trying to keep up with your neighbors and their extravagant lawn? How much money do you think your neighbor pay to have such lush grass? You can have superior soil without paying a dime by composting.

4. A Superior Garden
Composting creates a healthier garden with better soil, and you'll be using a superior fertilizer. In the end, you'll be able to grow more and better crops for less money. If you're going to garden, why not do it right?

Here is the most eco friendly and long term solution to get better compost without the hassles.

Step 1:

Composting with earthen (terracotta) pots

Ingredients required:

1. 3 Terracotta pots at least 1 feet height and size such that they can stand one over the other without getting inside.

2. Terracotta plate (to cover the composter)

Step 2:

Take 3 terracotta pots (Pot A, B and C) and drill holes (1 inch diameter) on the sides. These will be used for air circulation.

Also make large holes (3 inch diameter) on the base of 2 of the pots (Pot A and B). These holes will be used to drain leechate. Make sure you leave the third pot without hole in the bottom. This pot will be the bottom most pot.

Step 3:

Stack the pots one over the other. Make sure that the bottom pot (Pot C) being the pot without the hole in the bottom.

Put a layer of newspaper in the pot A and Pot B so that the materials other than water do not drop into the layers below.

Cover the composter with the terracotta lid to prevent rodents or flies.

Your composter is ready to compost. Put the composter in an airy place such as garden or terrace to increase air circulation this increasing composting process.

Step 4:

Separate kitchen wastes into compostable and non compostable items.

Save the compostable items for the day. At the end of the day you can add the composts in the composter.

Composter Process:

Start adding the kitchen waste to the composter (Pot A)

When the Pot A is 3/4 full, switch the Pots A and B. And start adding the materials in Pot B which is now at the top.

When the Pot B gets filled 3/4 the ingredients in Pot A has shrunken.

You can again switch the Pots A and B

When the middle tear pot gets almost filled 3/4, empty the middle tear Pot to Pot C

And start the process all over again.

The final contents of Pot C starts shrinking and thus more materials can be added from the middle tear Pot to Pot C.

When Pot C gets filled 3/4 empty the pot before starting to fill the Pot C again.

At this point the contents of Pot C has decomposed completely.

Sieve the contents of Pot C and you get perfectly good non-smelling manure (compost).

The larger pieces that are left after sieving can be added to the Pot at the top for further decomposing.

Keep the compost little damp by sprinkling water in the upper Pot occasionally.

The whole process takes around 90 days.

Step 5:

Why is the terracotta pots used?

We are using the terracotta pots to absorb the excess humidity and fluid which is secreted during the composting process.

Why are the Bottom holes?

The bottom holes are used to drip and pass the excess fluid to the collector Pot (Pot C).

What about mosquitoes or flies?

No mosquitoes or flies have appeared in any of my composters. The only insects appearing are fruit flies which live happily inside as long as their food is inside. Fruit flies help speed up the composting.

Step 6:

The terracotta pots can be colored to add to the looks of your terrace garden.

Make sure that the pots do not get totally drenched by rain or over watering or else the composter freaks out and composting process gets out of hand.

Answering the points in step 1

1. They are smelly
Not at all. The holes drilled on the sides circulates ample air to keep it fresh and healthy.

2. They look bad when done at home
Terracotta pots can be colored.

3. But I don’t have a garden
Sell the compost! Better! Gift it to a Gardener friend.

4. it’s not my job (I pay taxes)
Ever body can do it! Do it to save the land fills. Less land fills means more trees!

5. I do not have the time
ust takes 1/2 a day to setup and it sustains by itself.

6. I have tried. It didn’t work
Why not try again!

7. I live in an apartment
You can do it on the terrace, or near the window!

Added after the comments:
Thanks to http://www.dailydump.org/ and their presentations