An internet billionaire has announced plans for a new method of transport which could change the way we move.

It is called ‘The Hyperloop’ and according to the designer it will be a revolutionary “fifth mode” of transport; outstripping trains, planes, boats and automobiles.

The idea is becoming a reality with the help of billionaire investor Elon Musk, who first made his fortune from the PayPal website, funded the first private space mission and launched one of the first commercially-viable electric car companies.

The basic idea of the hyperloop is for a small carriage to be shot down a tube at over a thousand kilometres an hour, backer Elon Musk has called the design “a cross between a Concorde, a railgun, and an air-hockey table.”

The first design of the Hyperloop was released this week, in an extended 57-page highly-scientific and technical breakdown of what appears to be a legitimately possible technology. The plans are provided open source with no restrictions, allowing engineers and other interested parties around the world to modify and adapt the designs as they will.

Musk believes the Hyperloop system will soon be able to be rolled out at a price similar to or below current high-speed rail costs.

Elon Musk talks about his motivation behind the Hyperloop idea on his blog, available here. A helpful info-graphic is also available to assist in breaking down the extremely technical information contained in the project PDF.