If you're not familiar with Hyperloop One, consider what it would be like to travel on the ground at 760 mph faster than a jet airplane .

In 2013, Elon Musk and a group of engineers from Tesla and SpaceX published a speculative design document for a concept they called "The Hyperloop."

In other words, it's a "vacuum tube transportation network" that will be able to travel at around 760 mph 1200 kilometers per hour — on land and underwater.

They just closed their latest round of funding of $80 million and achieved a major technology milestone last week.

He expects the Hyperloop One team will have their real Kitty Hawk moment by the end of this year.

Hyperloop One is hosting a global competition inviting teams from around the world to submit a commercial, transport, economic and policy case for their city, region or country to be considered to host the first Hyperloop networks.