Rumors and speculations are abound as to what Facebook will be announcing today starting at 10am PT, 1pm ET. Last week, the largest social network in the world sent out invitations to various media outlets inviting them to “join us for coffee and learn about a new product” prompting many to wonder what exactly is Facebook planning to roll out. As of now, it looks as if Facebook may be adding a video feature to Instagram, the popular photo-sharing platform, to compete with the likes of Vine. As mentioned above the Facebook event start time is 1pm ET. UPDATE: You can live stream the Facebook event here!

The rumor with the most credence is that Facebook will be announcing a new video feature for Instagram, something that will compete with the trendy Vine social network. Earlier this week TechCrunch reported that inside sources were leaning towards launching a video feature to help bolster site traffic to Instagram as photo sharing among its 100 million users is waning drastically.

Today, just hours before the event is scheduled to kick off, All Things D published a report citing sources of their own that video sharing on Instagram will be the sole announcement this afternoon. According to the tech site “the new video product is something that the service said it was planning to do for two years now…Thursday’s event will solely be focused on Instagram’s new video product and there will be no other Facebook product reveals.”

One major concern for the site is staying relavent without seemingly copying competitive services. Back in December, Mark Zuckerberg’s company released a product reminiscent of Snapchat that shares photos and destroys them seconds later, though instead of riding a wave of success naysayers called Zuck’s boys out for piggy-backing on Snapchat’s innovation.

With video for Instagram, the Menlo Park-based network will look to differentiate from the six second video sharing platform but how it plans to do so will likely remain under wraps until the event is underway. The TechCrunch report from last week indicated the possibility of a five or ten second long video to compete with Vine’s six, but nothing has been confirmed by other sources at this point.

An interesting way Facebook could go with video sharing would be to somehow implement the same kind of filters that made Instagram such a smash hit in the first place into the supposed video footage, allowing users to feel more engaged with the whole production process and to tailor the video to the user’s respective temperament and the feel or genre of the actual video.

Vine’s 13-plus millon users are certainly something Facebook wants to tap into, but as The Social Network reminds us, people don’t want to be a part of a social network that isn’t cool. And right now, Facebook isn’t really that cool.

Stay tuned to BostInno for the latest information regarding the Facebook product launch and we’ll continue to keep you updated as information becomes more readily available.

In the meantime, let us know what you think of the possibility of video for Instagram. Would you use it over Vine? What would it take to get you to ditch Vine for Zuckerberg’s product?