If you are thinking, what is foursquare? Then read on - remember three years ago when you asked the same question about Twitter. Location-based social networks (“LBS”) seem to be the next wave of social media interaction - and foursquare is starting to create quite a buzz in the social media community.

Foursquare is a social networking service that combines GPS technology and Twitter. Created by Dennis Crowley and Naveen Selvadurai, it allows users to “check-in” at their favourite hotspots and let others know “where they are” and “what they are doing”. It offers a face-to-face element to online social interaction. You can let others in your network know about discounts and benefits available at your “check-in” locations. These comments can be posted as Direct Messages to specific friends or sent as tweets for all to enjoy!

There is also a game element, which I must admit sounds a little hokey, but if you think back - Twitter provoked the same sentiment not too long ago! By posting check-in’s one is able to acquire points and become the mayor of a location. This makes them the authority on that location, which should fuel some friendly competition. Now here is something different - it resets the points back to zero every Sunday - which evens the playing field and encourages buy-in from newcomers.

Unfortunately foursquare is currently only available in the United States, so I guess we will have to watch from the sidelines. Foursquare proves that the next big thing is always around the corner, so I am curious to see if it will live up to the hype!