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Utilizing a specially curved mirror, the 360-degree lens collects light from all directions and sends it into your iPhone 4's lens. From there you can preview the 360-degree video as it records. You can then return to the video and view it from any perspective and at any angle and at any time.
The current prototype attaches to the lens of an iPhone 4, via a custom case. Users then simply record a video, simultaneously catching everything visible within a 360-degree horizontal loop around the lens (they can select what point of view appears on the phone's screen as they're shooting, but that doesn't affect what's recorded). When they're done, proprietary software allows viewers of the footage to navigate within the panorama using the phone's touchscreen, panning left or right whenever they see fit. The company is also developing a web platform, where users can share their videos.