Facebook is speeding up to launch a photo-sharing iPhone app known as 'Hovertown' or 'WithPeople' to take on the mold of Instgram, according to a TechCrunch report.

Techcrunch said it has received roughly 50 MB of images and documents outlining the entire thing, and it appears to be a social-and-location-based photo app that allows users to share their photos, but also aggregates them together based on events, locations, and your social network.

The report says, the best way to think about it appears to be Path meets Instagram meets Color meets (Path’s new side project) With — with a few cool twists. And obviously, it’s built entirely on top of Facebook’s massive social graph.

With an upload of 6 billion photos every month, and a total of 100 billion photos, it isn't surprising that Facebook came up with such an amazing photo sharing service.