Bill Nguyen, who sold his music-streaming company Lala to Apple in 2009 for $80 million, on Wednesday relased the Color, a photo-sharing application with a proximity-based sharing functionality.

Android and iPhone users are able to take pictures or videos with their smartphone AND upload them to the Color app network. However, theuploaded pictures or videos are shared not only to a users' friends or followers, but they will be also shared with Color users who are within 150 feet of where they were taken.

The pictures or videos taken from any Color user are available to the network until they leave the nearby area in which the content has been uploaded.

Color users do not chose who is in their network. The app chooses who?s in and who?s out based on the Color users being in close proximity the most.

The most frequently someone uses the app near another Color user, the higher ranking they get. So the people who hang out with most appear higher up on a user's list of contacts.

Color is expected to get crazy is at crowded public places and become the next big thing in mobile social media apps.

The company has secured $41 million in funding and has repoprtedly $350,000 spent in order to but the domain name "color.com"

The Color app an be downloaded from iTunes or in the Android Marketplace.