YouTube Co-Founders to Launch Competitor to Instagram & Vine

YouTube co-founders Chad Hurley and Steve Chen have created a new video editing app that lets you shoot, edit and publish videos that is similar to Instagram or Vine.

Unlike their competitors though, Avos Systems’s new app MixBit has better editing tools. Rather than just clipping videos, users can edit together strings of clips that can be anywhere from a second to an hour long. Videos are made up of clips that can be as long as 16 seconds each and a MixBit video can be made up of as many as 256 video clips.

MixBit lets you drag and drop clips into a mini timeline, where you can rearrange them. Not only can you make your own content, you can use the app to remix other users’ videos. Once you’ve created a video, you can post it and share it to the MixBit community. The app is currently available for the iPhone and as a web app. An Android version is expected late next week.