Apple released its much hyped 3G version of its popular iPhone last night. The iphone will support faster wireless networks and include GPS satellite navigation just as it was expected. Apple had been on the technology limelight after announcements that it was to along a new version of the iphone.

Apple chief executive Steve Jobs on a keynote in San Francisco announced the new version of the mobile phone. The world wide developer’s conference saw Jobs announce what he dubbed as a more affordable phone for consumers. Apple has tagged the retail prices at $199 for the 8GB model and $299 for the 16GB version. It was hyped the new version would be 32 GB but was much smaller dissatisfying thousands of the speculative clientele.

The 3g iPhone has Global Positioning System (GPS) technology built in for location-based services. The phone has three times faster downloading speed compared to the initial iphone. I phones from Aple will competing in the smart phone market with players like Nokia and the Blackberry. The iphone had received a lot of media hype even from technology savvy blogs some of which broadcasted the keynote live.