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One of Vine’s co-founders took the wraps off a new project just hours after Twitter announced that it was going to shut down Vine Thursday: Hype, as the new app is called, is allowing users to live stream video from their phones.

Sounds familiar? That’s because Hype is stepping in the footsteps of Periscope, another Twitter-owned service that seems to have a brighter future at the company than Vine.

Just like Periscope, Hype is built around the idea of mobile social live streaming, with viewers being notified whenever a broadcaster goes live, and broadcasters getting direct feedback from viewers via comments. However, Hype is going a bit further than Periscope by also adding other forms of interactivity, including the ability to add photos and videos to a broadcast and turn them into a kind of social collage.

Hype was co-founded by Vine co-founder Rus Yusupov, and has been in a private beta-test since March. The company removed the requirement for a registration code late Thursday, allowing anyone to download and try the app.

Twitter announced Thursday that it was going to shut down the Vine mobile app in the coming months. The news comes as Twitter is looking to streamline its services, and lay off 350 employees, or 9 percent of its workforce to rein in costs and become profitable next year.

Yusupov’s first response to the news was to tweet “Don’t sell your company!”