Instagram Launches One-Touch Photo and Video Messaging App Bolt Outside the US
techcrunch.com
techcrunch.com
As far as I can tell, the success of these similar apps boil down to network effects. If Instagram can transition their Instagram users into Bolt users in NZ, it might be able to compete with SnapChat, but until they do, it's clearly an uphill battle to build these redundant networks.
Regarding name stealing, I recognise that a lot of people put effort into their branding and I'm not a trademark lawyer, but I haven't seen much success with little companies defending messaging-app marks against big companies.
And our discussion: https://news.ycombinator.com/item?id=8096936