Currently allows you to share stories with your friends and family.
Speak into your phone for up to a minute, telling a funny story or life update. Currently then sends your audio clip (called a wave) to everyone you've allowed to follow you.
This allows you as the listener to have a personal podcast of your friends' stories and updates. You can also reply back to a particular wave, sending it just to that specific person, reminiscing on old times.
You can also share your wave to Facebook or Twitter with the click of a button.
Lastly, you can listen to public stories in the Ocean, listening to the funniest or most moving stories people have to offer.