MixBit allows users to record, edit, share, and mix video clips from other users to create their own video all from the privacy of their own iPhone.
The recording process is the same as it is for Instagram or Vine videos, but in a horizontal format. Users have to tap the screen and hold until they've finished. However, unlike in the aforementioned apps, it will be possible to save drafts, cut and rearrange videos before hitting publish.
Moreover, users will be able to include as many as 256 clips in the 16-second MixBit video.
Hurley told Mashable that MixBit finally allowed him and Chen to develop some of the goals they originally had for YouTube.
"We built YouTube to solve distribution, to [give] us a way to share video with family and friends," Hurley says. "Then we wanted to find ways for people to create better content, but we were never able to apply that while we were there."
Another one of the duo's goals is to promote collaboration. Hurley explained that he is "turned off" by the self-promotional nature of social media. Consequently, MixBit won't allow users to have a profile, or a followers count. Instead, every clip uploaded will be public domain for others to view, edit and use.
"We want it to be all about the content you create and share," Hurley said.
The app, which was developed in Hurley and Chen's 40-person company, AVOS Systems, is free and can be downloaded from iTunes here.