Byte's description on the Apple App Store says:
"We're bringing back 6-second looping videos and the community that loved them. You know the drill: Upload from your camera roll or use the byte camera to capture stuff. Stay under the time limit and get lost in the loop. Explore what's loved by the community, handpicked by our human editors, or just served up at random. There are lots of ways to discover surprising new personalities, voices, and moments."
So in essence, Byte is pretty much like TikTok but won't have features such as AR and similar effects found on the latter.
Byte's challenge is how they can facilitate monetizing short-form video content especially for top uploaders, as long-form video content enables greater revenue generation than the former. We'll see if Byte gains the popularity that Vine had in its heyday.
Did you have a Vine account before? Are you looking to upload short-form video content on Byte?