We’ve known since March that YouTube co-founders Chad Hurley and Steve Chen were cooking up a new video-sharing service, and today it finally launches.

It’s called MixBit, and its creators describe it as a “new app that helps people create dynamic videos together.”

On the surface, it may look like a simple Vine or Instagram video competitor. MixBit allows users to create their own 16-second videos (take that, 15-second Instagram) and share them to various social networks.

But the defining feature for MixBit is the ability to make longer videos using mashed-up clips from up to 256 other videos. Hence the “mixing” of the “bits.”

“MixBit lets you record, edit and publish videos as short as one second or as long as an hour – right from your mobile phone. You can also create videos without needing to shoot original content. Touch your screen anywhere and hold to record. Videos are taken in multiple clips, or “bits,” as long as 16 seconds each. A video can include as many as 256 clips. Clips are stored as independent elements but play as one seamless video. Drag and drop to rearrange, cut or delete clips, as well as save or publish, right from your phone,” says the app description.

MixBit differs from Instagram and Vine in that it lets users take from any publicly shared video on the service and mix it to their liking. In theory, you never even have to shoot your own video to get a quality experience out of MixBit.

“The whole purpose of MixBit is to reuse the content within the system,” Hurley told the NYT Bits blog. “I really want to focus on great stories that people can tell.”

As of right now, the only available version is for iOS. But you can expect a web app and an Android version to launch soon.