Despite the dominance of a handful of social networks such as Facebook, Twitter and YouTube, other startups are clamouring for a place in our lives. Will these social networks take off or will they go the way of MySpace?

Over the few months I have been watching 3 rising social networks – Instagram, Path and Pinterest. Here’s why I believe they are the ones to watch in 2012.

Instagram

Instagram is an addictive photo sharing app that has attracted a staggering 15 million users in 15 months.

The beauty of Instagram, also known as IG to users, lies in its simplicity. Take a photo or choose one from your iPhone, add an ‘old school’ filter if desired, add a caption, share it with the other users on IG or other social networks.