Twitter is introducing Periscope, a new app that lets you share live video from your mobile phone. Periscope is currently available in the Apple App Store, and an Android app is in the works.

Twitter acquiring the app in January. The app shows you a list of videos posted by the people you are following as well as popular videos from users you don't follow. Many of the videos are live but you can also view recently archived videos. Periscope allows users to store their live feeds for replay, which stay available on the app for 24 hours.

During the live streams you can chat with the person broadcasting as well as other viewers. The more "hearts" -- basically likes -- a broadcaster gets, the higher they get in Periscope's "Most Loved" list.

You can start broadcasting your own live feed by using the camera icon at the bottom of the app's screen.

Periscope is Twitter's response to Live video streaming app Meerkat. Just consider that at the same day Twitter confirmed the Periscope acquisition, it blocked Meerkat from accessing follower/following lists on Twitter.