Chit is an enhanced, Git-backed version of the popular Cheat sheet tool, developed by Robin, which allows users to access and manage cheat sheets more efficiently. Users can start by downloading the Chitsheet repository, which contains a snapshot of the original Cheat content, and can experiment with commands such as "chit strftime" and "chit anything --add." One notable feature of Chit is the ability to create private repositories for cheat sheets by adding a prefix "@" before the sheet name, enabling users to maintain non-shareable content securely. This development, discussed by Chris Wanstrath, highlights Chit's potential for improved organization and privacy in managing cheat sheets.