You all remember the Hyperloop: the super fast way of travelling in pneumatic tubes (air-tight pressurized containers), from one U.S. state to the next. The idea and hypothesis was thrown around by Tesla Motors and SpaceX CEO Elon Musk about a year ago.

There is progress, and it might be ready as soon as the year 2020.

A status report was released last week about the Hyperloop; all that has to be done now is to build and test the fastest way to travel. There are a number of scientists, researchers and groups that have been working on the Hyperloop project that have been able to bring it from idea into actuality. Just like how "The Jetsons" travelled in the pneumatic tubes, we can do so now in a few years.

The invention's intention was to ferry passengers between Los Angeles and San Francisco in less than a half hour. It was due to its ultra light design, a combination of air blades and a semi-evacuated tube, The Verge reported. Musk wowed everyone with his futuristic plans. This was in the summer of 2013.

Musk had even carried out preliminary tests in Texas back then. Now, over a year, there is an achievement. The company that has come to build the futuristic project is made up of hundreds of professionals, engineers, scientists and researchers from Boeing Inc, Tesla Motors and SpaceX, just to name a few, The Verge reported.

According to The Verge, the idea has come under the crowd-sourcing organization known as the JumpStartFund model. Under this model, each employee is compensated through a share of the company's eventual profits. Once Hyperloop works and makes it to production, then the profits will be shared more broadly than a corporation. For now, they are all just volunteers.

The JumpStartFund model combines elements of crowd-funding and crowd-sourcing that brings money and ideas from all over. These ideas then move toward reality, Wired.com reported. Hyperloop's idea came from Musk, but after he had announced the bold proposal last year, JumpStartFund had just finished a beta version of it.

JumpStartFund's CEO, Dirk Ahlborn, was excited. Ahlborn reached out to SpaceX and proposed the project further on their online platform. The result: A subsidiary company was created called Hyperloop Transportation Technologies, Inc. The incorporated entity, made up of 100 engineers, is located all over the U.S., and they spend their time creating ideas in exchange for stock options, Wired.com reported.

As of now, Hyperloop Transportation Technologies, Inc. has split into two working groups. These groups are based on their interests and skills that cover various aspects of the massive Hyperloop project. It includes route planning, capsule design and cost analysis, Wired.com reported.

While the work is carried out over mostly email, the teams have weekly discussions of their progress. Ahlborn says there are hardly any bosses, but leaders have organically emerged. If there is a critical decision to be made, it is the CEO's job.

JumpStartFund also employs 25 students from UCLA. The college's SUPRASTUDIO partnered with JumpStartFund to carry out design and architecture. Successfully, the students are now working on all of the design solutions of the new transit system, Wired.com reported.

JumpStartFund is confident in Hyperloop and in their progress. So far the team has made a leap in three key areas: the capsules, the stations and the route. Ahlborn does not expect to have the feasibility study finished by mid 2015, Wired.com reported.

The group envisions that Hyperloop will have three classes: economy, business and freight; and it will include dozens of possible routes across America. JumpStartFund is going to improve on Musk's initial design in terms of activation and cost, The Verge reported.

"In the initial [57 page] white paper, air has the advantage that it's cheap, but it also has problems with control," Ahlborn said. Ahlborn believes that if another medium performs better in the testing phase then it can be easily switched from air into something else, The Verge reported.

The financial projections for the trans-California route is expected to fall between $7 and $16 billion. Musk's initial estimate was $6 billion. Ahlborn stated that price is a major factor in the project. They are aware now that it will not cost $50 billion, but "we know we're in a range that works," The Verge reported.

The team is even looking at possibly using magnetic levitation and other alternatives. They want to find the best possible avenue to make it work.

"I have almost no doubt that once we are finished, once we know how we are going to build and it makes economical sense, that we will get the funds," Ahlborn said, Wired.com reported.