Nov 2, 2010 15:38 GMT  ·  By

A Mountain View, California startup called Skyfire has confirmed plans to launch an iPhone browser that supports videos in Adobe’s Flash format. The application will cost $2.99 and will be available for immediate download beginning Thursday, this week, Fortune reports.

Skyfire will reportedly be available for download at 9 a.m. ET on Thursday for $2.99, Fortune reports. The application is the first of its kind to receive Apple’s approval for distribution in the App Store, the source acknowledges.

Apple is known to restrict everything-Flash when it comes to its iDevices, but Skyfire has managed to get around those restrictions by rendering and translating the videos in HTML5, a much more appreciated web standard at 1 Infinite Loop, Cupertino, California.

As soon as the app is done sending the bits to Skyfire’s servers, it then displays a thumbnail that users can click on to stream the video.

"We will attack those pesky blue Flash error messages," said Jeffrey Glueck, Skyfire's CEO.

The Skyfire app won't translate games or other non-video content that runs in Flash, the company said.

According to the people at Skyfire, their app received quite the rigorous review from Apple, but finally passed through with flying colors. Apparently, it will be live in two days from now.

While Skyfire will be able to decode most Flash videos on the web, it will not be able to do the same for those who might want to access Hulu videos. Hulu only delivers video to $10-a month subscribers of its Hulu Plus service.

It is interesting to see how Apple was kind enough to approve an app that has to do with Adobe’s Flash. Or does it?

By approving the Skyfire app, Apple is actually offering customers what it promised to offer with the iPhone in the first place - the whole Internet, in their pockets.

It may not like it, but a promise is a promise.

We'll be back on Thursday with a news update and a download link for you.