(Image via The Dropbox Blog.)

The Dropbox Blog announced version 2.0 of its Android application Thursday. The free service lets users bring photographs, documents, and videos anywhere and share them easily, and now it completely redesigned its Android app while including many new features.

“Want to make sure a file is always on your phone?” asked Dropbox in a statement on its blog, regarding the service’s new Favorites feature. “Star it for quick offline access.”

Bulk upload is another highlight in the newly updated app. Users can “select multiple photos and videos to be uploaded in the background,” according to the service’s press release.

File renaming allows  -like it sounds- users to rename files and folders. Single-tap access lets users access any file or folder with a single tap. Moreover,  improved gallery view and exportation from local storage and stability improvements were all revealed as new features within the update.

The app also showcases Ice Cream Sandwich support, as it is “optimized for the newest and tastiest Android release yet.” Numerous bugs were also corrected in the second version.

Continue reading for more information on how to obtain complimentary storage space as a student. 

Dropbox even allowed forum users to test the version’s build earlier this week before the Dec. 22 launch.

The company began in 2007 and made its service available across all the popular desktop and mobile platforms. It has been in the tech news a lot in recent months, as the company scored $250 million in funding in late October. Then Forbes magazine detailed  how the late Steve Jobs tried to buy the company in December 2009. Apple went on to launch iCloud, a similar product launched within the latest iOS that is aimed directly at Dropbox’s market.

Dropbox and iCloud are not alone in the cloud storage movement, as both companies now compete with Box.net, Carbonite, Backblaze and others that are brawling it out for the No. 1 spot in the market share.

However, despite the emergence of multiple competitors within the last year, Dropbox saw more than 45 millon people registered on its service. According to Dropbox’s online statistics fact sheet, more than 1 million files are saved every 5 minutes and paying customers exist in over 175 countries.

Dropbox currently offers 2GB of complimentary space to users, or they can upgrade to a Pro account with up to 100GB of space.

The company announced last month on its blog a “bunch of free ways” for users to get more space without shelling out extra cash. Dropbox built a way to invite friends to the service that gives 250MB of space for free. Additionally, to “commemorate its victory over USB keys, and to make the lives of students even easier,” students with a valid school email address get 500MB for each person they invite to Dropbox. Of course, users need to confirm that they are students.

‘The more people you invite, the more space you get,” said Dropbox on its blog.

Users can now download the Dropbox 2.0 app from the Android Market, and then invite friends to the service immediately to start earning more storage space.