MixBit is a brand-new player in the social video sharing game, and it comes from Steve Chen and Chad Hurley, the original founders of YouTube. Like its peers, the app is all about sharing short video clips instead of plain text like Twitter or photos like Instagram.
MixBit's differentiator is hinted at in its name--instead of merely being able to share, view, and comment on videos from the stream or from people you follow on the service, you can also add to and remix content uploaded by other users or yourself. Remixed videos can be up to an hour long, which may make the app appeal to the kind of creative video minds that are into sweded clips or for users who want to string together their own mini-films.
Thus MixBit isn't entirely aimed at snapping up users from Vine or Instagram video, and instead may be more aimed at social uploading/remixing app Pheed. Either way, the online clout of Chen and Hurley can't be overlooked, which suggests that MixBit may become pretty popular pretty fast. Right now it's only an iOS app, but an Android version is said to be in the works.