YouTube founders launch MixBit video sharing app

Move over Vine and Instagram, there's a new kid in town.

Chad Hurley and Steven Chen, co-founders of YouTube, are embarking on a new venture that hopes to add a new dimension to video sharing. They launched mobile app MixBit Thursday -- which includes some unique features. 

Developed by the duo's company Avos Systems, the app lets users upload, edit and share videos up to one hour long. Individual clips max out at 16 seconds long, with a total of up to 256 clips that can be used in one video. 

Unlike Vine or Instagram, the clips recorded on MixBit can be used again for other videos. Users can also import videos from their phone's album.

Clips uploaded to the app are freely available for anyone in the community to include in their own videos. Completed videos can be shared on Facebook, Twitter, Google Plus or the MixBit community.

"The whole purpose of MixBit is to reuse the content within the system," Hurley told the New York Times. "I really want to focus on great stories that people can tell."

Another difference from other sharing apps is that users upload, edit and share videos anonymously. However, Hurley told the Times that eventually they will add identity features at some point.

MixBit is available for iOS devices at Apple's App Store. An Android version of the app is in the works.