WASHINGTON (WUSA9) -- If you want to get from one location to another location, there are four main ways to travel: cars, planes, trains, and boats.

However, there could now be a new and faster way to get where you want to go, all thanks to some very smart college students.

Billionaire Tesla and Space X Founder Elon Musk want to transform the way we travel around the country and the world.

Musk challenged people from all over the world to make a prototype that would help people travel around the country and world in record time. Around 1,200 teams entered the competition.

Aspiring engineering students at the University of Maryland took home first place prize in the performance category and they have qualified for the next round of competition this summer.

The pod they created uses the strongest magnets known.

The mode of transportation would be called a Hyperloop: 20 to 30 people sit in a pod. A pod would launch every 30 seconds.

It would run along a track. There would be tracks all over the country and all over the world.

The Hyperloop would be seven times faster than a train.

On top of a full course load, the UMD students on this team each put in over 40-45 hours a week on this project.

UMD students say they believe the Hyperloop could begin to take shape in 10 years.

For the next few months, the students will be busy perfecting their prototype then they'll head to the competition finals.

The big prize? Bragging rights.

You can follow the team's journey here: https://www.facebook.com/umdloop/