Bit is a cloud platform used for versioning and sharing reusable components (primarily UI components built with React, Vue and Angular, but can also be used for functional components and other reusable files) between people and projects. It negates the need to create separate version control repositories for components and functionality that are common to multiple applications.
I use Bit at work and personally for this very purpose, and have also recently contributed to the open source code for their web based component playground.
