Social networking sites such as Twitter and Facebook encourage people to share the latest events in their lives and what's currently on their minds. However, this may be getting old as newer sites such as Loopt, Gowalla, Brightkite, and Foursquare are changing the path. These sites help you post your exact location at a given time by using geolocation.

What exactly are geolocation apps?

Geolocation apps are based on a fascinating technology used by many newer social networking sites that trace your exact location. With today's smartphones equipped with GPS, informing your friends about the hotspot you're visiting right now is very possible.

How does this technology work?

As an app, geolocation can inform others of your exact location and act as a real-world map by associating real-world location to where you are exactly, such as a coffee shop or the mall. Geolocation apps work better when accessed through mobile devices than desktop computers because your exact coordinates change as you move from one place to another.

In order for geolocation to work, devices such as smartphones need to have a GPS chip. This chip then calculates your exact location based on information gathered through a satellite data. If there are no available GPS signals, applications that use geolocation can use cell towers to triangulate your location, although it's not as exact as a GPS signal. As a matter of fact, some geolocation systems use a combination of cell site triangulation and GPS signals for a more reliable and accurate report.

Geolocation is at its best when the skies are clear and you are outdoors. However, once you are indoors, the report on your location becomes less accurate.

Companies that offer geolocation apps

Gowalla -- This service works with Palm (WebOS), iPhone, and on Curve, Bold, and Storm Blackberry phones. Boasting a huge database of locations, you can actually trade virtual items with other users.

FourSquare --  With FourSquare, you can drop by your favorite restaurants, coffee shops, and recreational parks and invite your friends to come over. Because FourSquare announces to your friends and approved contacts where you are, you are basically "checking in" when you use this geolocation app through your mobile phone.

Loopt -- This is available to Blackberry, iPhone, and Android users. Just like FourSquare, Loopt allows you to "check in" into different locations and share the information to your Twitter and Facebook friends. Because this service combines geolocation and social networking, you'll be able to interact more with your friends. Another service offered by Loopt is access to Pulse, which is an event directory. Through Pulse, you can actually access listings of movie releases, shows, and gigs that are happening near your location. After checking out the events, you can also post your own tips and ratings.

Here we go with this week's roundup of some of the best, new, and recently updated iPhone apps that you can find in the App Store:

FCC Mobile Broadband Test

Have you ever had the feeling that your broadband provider isn't giving you the service that they advertise?  Well, you're not alone.  Do a quick search on the Internet and you'll find thousands of Internet-users, just like yourself, complaining about not getting the service that they are paying for.  Fortunately for us, the government is trying to do its part with the Federal Communications Commission (FCC), which is in charge of regulating US telecommunications.  Now, you can take part in helping the FCC do its job effectively and efficiently with the FCC Mobile Broadband Test App.  This app allows you to test and monitor whatever mobile data connection you are connected to.  You can test download and upload speeds, latencies, and you can share your results with others.  Pooled results can then be used to analyze the coverage and quality of various mobile broadband connections.  Grab it now for free.

Street Fighter IV

If you were (or still are) one of those kids who loved to spend hours in the arcade, parked in front of Street Fighter with your quarters at hand, then this is the perfect app for you.  Street Fighter IV, the latest installment in this classic fighting franchise, has come to the iPhone.  Now, at first, you might think, "how the heck is a fighting game like Street Fighter IV supposed to work well on the iPhone?"  Well, to keep it short and simple, it just does.  CAPCOM has done a great job of porting this game onto the iPhone and it has received rave reviews from gaming critics and gamers alike.  Of course, you can't expect to get all of the features that you'll find in the console version of the game, but the Street Fighter IV app gives you access to eight fighters, seven environments, full move sets, combination attacks, Bluetooth multiplayer, a Dojo mode for practicing, customizable control interface, and four levels of difficulty.  This app is definitely worth its $9.99 price tag and it makes for a great game for casual gamers and hardcore Street Fighter fans alike.

FourSquare

FourSquare is one of those great innovations that makes you think: "I wish I thought of that!"  Not to say that the FourSquare is the next biggest thing, but that doesn't mean that it isn't an original and innovative idea.  FourSquare is a new twist on social networking that basically allows you and your friends to keep track of where you are.  Whenever you go somewhere, whether it be a restaurant, bar, club, a friend's house, or practically anywhere, you check in through FourSquare and it keeps track of where you are and how long you have been there.  You can then share this information with your friends.  FourSquare keeps track of how frequently you go to places and how much time you spend there, and it ranks people based on this information.  It can be great fun if you're into this kind of thing and it's all free of charge.