There’s a third hat in the video app ring: YouTube cofounders Chat Hurley and Steve Chen announced MixBit, an iPhone app that lets you record, edit, share, and mix video clips from other users to create your own movies. The videos are designed to be recorded and viewed horizontally, and it operates just like Vine and Instagram – tap-to-record and release to finish. Clips can be as long as 16 seconds, and finished can include as many as 256 clips in a single video, meaning that videos can last more than an hour. There are no filters, but you can rearrange, cut, and further edit clips before publishing. With the flexibility to post videos that are far more long-form than either Vine or Instagram allow, MixBit could be a potent new video capturing and editing app – and with YouTube’s powerful backing, it’s not too far fetched to guess that it will be an important third party in the Instagram and Vine-dominated world.