Following a brief teaser earlier this year, YouTube founders Chad Hurley and Steve Chen have officially revealed their next online video venture in the form of a free iOS app on Apple's App Store. Dubbed MixBit, the service takes a page from Vine and Instagram by allowing users to tap and hold to record short video clips, but unlike the latter MixBit is all about editing and stitching several clips together to create longer videos.

Each individual clip you shoot can be up to 16 seconds longs and you can put together up to 256 of them to create a more meaningful or story driven video. Editing features include rearranging, trimming, duplicating, or deleting clips – no filters – and once you are done you can share on Twitter, Facebook, Google Plus and MixBit.

The "mixing" part of MixBit is what Hurley and Chen hope will give their new service a unique identity. Aside from stitching your own videos together, MixBit allows anyone to freely borrow clips from others to include in their own creations – in fact, you can remix several clips to create something new without shooting anything yourself.

"The whole purpose of MixBit is to reuse the content within the system," according to Hurley.

Another interesting decision bucking the trend of existing social networks was not to include identities – all videos are posted without being linked to a particular user – or even let people comment on each other's work. Hurley has already hinted that could change in the future but for now the emphasis is on communal content creation.

MixBit is available now on iOS and the company will release an Android version in the coming weeks.