The app is designed to allow those who install it to share pictures and video with other Facebook users and those on Facebook owned platforms like Instagram. Some of the features that it will have include the ability to live stream video ala Periscope and has a face-swapping feature like Snapchat that lets you well, FaceSwap with friends. The app will also have photography filters thanks to Facebook purchasing MSQRD last month; and will have some of its features integrated in.
Said content can be then shared to Facebook owned apps like Instagram, or posted directly to Facebook itself.
While the app is currently in development, there’s a chance that it might not even be completed as there’s a pretty severe lack of users who are sharing content on site (as opposed to linking in material from outside sources) so fingers crossed.