The BYTE project focuses on creating a roadmap for big data and establishing a cross-disciplinary community to address societal externalities, running from March 2014 to February 2017 with a €2.25 million funding. It highlights the economic potential of open data, estimated to unlock $3 to $5 trillion annually, while also addressing concerns such as privacy, discrimination, and transparency. Key outcomes include defining necessary research and policy measures, promoting positive externalities, and forming a sustainable big data community in Europe.