Using a combination of photo sharing and localized GPS technology, Color has burst onto the scene as the most buzzed about new app in Apple's App Store and Google's Android Marketplace.

Color is the baby of Bill Nyugen, the former creator of Lala, who sold off the music sharing service to Apple in 2009. Nyugen's app allows people to get access to take and share photos, video and texts with people in close proximity from multiple smartphones. Unlike other photo sharing services, Color does not require two users to have each other's contact information or username. As long as a photo was taken with Color, users of Color in close proximity can view it.

Color is the most advanced and intuitive way to share with your iPhone and other smartphones,, Nyugen said in a statement.  We are happiest when we experience life together: not alone and days later online. By creating Color, we made it possible to instantly capture, experience and share life with those around you without rigid Web concepts like 'friending.' We believe real social interactions are dynamic and evolve with time.

Color, the self named start-up behind the app, has already received hype for the amount of capital it has raised from venture capital firms. Sequoia Capital, Bain Capital, and Silicon Valley Bank gave Color Labs a combined $41 million for its new service. The $25 million from Sequoia is more than the company has ever given any tech-startup, including Google, which it gave $12.5 million.

Color is at the confluence of the mobile, social and local phenomena. The installed base of mobile phones now exceeds that of PCs and mobile phones accompany users wherever they go.  Color is the only social network that allows you to share experiences as they occur, said Doug Leone, partner at Sequoia Capital, in an email. We think the ability to do this is a very big deal and are thrilled to be part of the company.  

The ideal behind Color is elastic networking. Nyugen says getting to actually know someone online impossible and most virtual relationships aren't genuine. Color aims to introduce people to other users of the service within the immediate area from a visual sense.  The more someone sees a person, -- family or friends, for example --  the more prominent their photos appear in the Color app. If someone is only in the same vicinity as a user for one time only, their photos fade to black and white over time.

The photos and videos are stored on the web using cloud computing, thus don't require a lot of space on a user's phone.The photos and videos are arranged on a timeline.

Naturally questions have arisen regarding the possibilities of lewd and inappropriate photos. Color says it maintains, A strict public use policy to ensure that everything shared is appropriate for all ages.  Only public images and videos should be captured.  Anything captured is visible to those around you and naturally identifiable to you.

It says it has strict privacy settings, which allow people to limit their photo sharing to only people in their group of friends.