Way back in June, Microsoft introduced Screen Sketch, a new Windows 10 screen capture experience for Windows Insiders. With its many new features in tow, it was even foreseen as a consolidation to the snipping tool. Well, a few months later, Microsoft has re-named the Screen Sketch app to Snip and Sketch, also adding new features in the progress (via Neowin.)
The name change is currently being tested with Skip Ahead Insiders and comes in version 10.1807.2286.0 of the application. This release also delivers new methods of capturing the screen, including taking instantaneous snips from the "New" menu, and delayed snips of up 3-10 seconds.
This same feature was already present in the old screen snipping tool, so it makes sense now to see it ported over to the new app. Anyway, you can expect for Microsoft to continue testing the new Snip and Sketch app with Windows Insiders for the foreseeable future before eventually rolling it out to all Windows 10 users. The app at one point had an issue where captured images were blurry, so there is definitely more work and testing to be done on the road ahead.