The day which the rumor mill previously speculated has finally come. Yes, Google has finally unveiled its Facebook competitor, and is calling it Google+. What’s the search engine’s latest social product all about? We answer this very important question after the break.

The first thing you need to know about Google+ is that it is in the limited field test phase and is available to selected number of users only. While we see it as a Facebook competitor, it does social stuff in its own way. Google’s social network revolves around four keywords which are:

• Stream – Google+ Stream is equivalent to Facebook’s News feed which obviously allows you to share links, photos, videos and even your current location.
• Circles – Think of Circles as a group of friends and family. So what this means is you can create a different group or should I say circle for your college friends, school friends, family friends and so on.
• Hangouts – This is Google’s name for its social network’s video chat feature. The way it works is pretty interesting as well. To start a video chat, you click on the “start a hangout” option and you are taken to a video chatroom. A message is sent out to your social circles that you are hanging out and they can join if they want to.
• Sparks – Google+ Sparks is the content discovery feature that recommends , videos, photos and other content based on your interest.

As always, Google will be rolling out an Android app for Google+ which will include these said features. Apps for other mobile platforms will follow after the launch of the Android version. So what do you think? Does Google+ has what it takes to be a Facebook killer? Sound off in the comments section or if you are a social junkie, share your thoughts with us on our Twitter and Facebook channel.

Watch all the videos of Google+ features below:

The Google+ project: A quick look

The Google+ project: Circles

The Google+ project: Sparks

The Google+ project: Hangouts

The Google+ project: Instant Upload

The Google+ project: Huddle