A new product by the name of ChargeBite aims to revolutionize the way you charge your iPhone. Marketed as a social charger, the device leeches juice from two other iPhones and feeds it to the drained handset just as fast as a USB port could supply power.

The Indiegogo campaign for the device points out the fact that it is completely portable and attaches to your keychain. There are no power outlets, USB ports or charging cables to contend with. The social charger requires no preparations or pre-charging as it simply acts as a transfer medium between phones rather than a battery pack

ChargeBite will be available in three different color combinations. The prototype device shown on the website uses three 30-pin connectors which means iPhone 5 owners are out of luck (unless you happen to have an adapter with you). What’s more, the device is able to draw power from an iPad although it is unable to recharge the tablet.

The device does appear to have some upside as you can recharge your phone if it’s dead but requiring two other iPhones and the fact that you can’t really use your phone to make calls (maybe unless you used speakerphone, a Bluetooth headset or the wired headset) puts ChargeBite at a bit of a disadvantage.

Early backers can pre-order a ChargeBite for $20 in your choice of color ($5 savings over the regular price). As of writing, the campaign has only raised $120 of the $45,000 goal but with 47 days left, there’s still plenty of time to turn this one into a reality. Estimated delivery for ChargeBite is scheduled for June of 2013.