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Twitter launched a new video-sharing app called Vine on the iPhone yesterday.

Vine was one of Twitter CEO Dick Costolo’s biggest purchases last year, so everyone was excited to see what would become of it.

Vine lets you take very short three-segment videos, stitch them together, and share on Twitter or Facebook. It also acts as its own social network, letting you view your friends’ videos in a news feed within the app.

And yes, it feels a lot like the elusive “Instagram for video” that other companies like Cinemagram have been trying to nail for a long time now.

You can download Vine for free on iPhone. Twitter says Vine will be coming to other platforms soon.

Shouts to Business Insider

Vine: the new Hot Video App for Iphone