We create a new online reduction of multiclass classification to binary classification for which training and prediction time scale logarithmically with the number of classes. Compared to previous approaches, we obtain substantially better statistical performance for two reasons: First, we prove a tighter and more complete boosting theorem, and second we translate the results more directly into an algorithm. We show that several simple techniques give rise to an algorithm that can compete with one-against-all in both space and predictive power while offering exponential improvements in speed when the number of classes is large.