Mary Gutierrez | @MaryyAlyssa Facebook is in the process of developing a similar app to Snapchat. The app will be called Slingshot and will have similar capabilities, such as sharing videos and images that will be deleted after a certain amount of time. For those of you who don't remember, Facebook actually attempted to buy Snapchat for $3 Billion last year, but Snapchat ultimately refused their offer.

Facebook had previously launched Poke in 2012, which was a competitor app to Snapchat and Instagram. Poke was discontinued earlier this month.

Even though Snapchat updated their app by adding text messaging and video chatting, Slingshot has been said to be more competitive than Facebook's previous Poke app. Did Snapchat make a mistake by not accepting Facebook's $3 Billion offer? It depends on how successful Facebook's Slingshot app will be. One thing is for sure, it might be difficult for them to take Snapchat's millions of loyal users.