According to latest reports, more than 700 people have signed up to compete in a competition to build the key piece of Musk's high-speed transit system known as Hyperloop.

The participants will compete to develop the bests component and present to the SpaceX founder Elon Musk. These Hyperloops will use vacuum tubes to transport freight and passengers at speeds up to 750 mph. In theory, it would transport people from Los Angeles and San Francisco in only 30 minutes

Musk's Space X posted in social media earlier this month out the announcement of a "Hyperloop Pod Competition." It invited inventors to some and design a high-speed train alternative for high speed transport.The process to sing up is simple as participants can simply sign up on the competition page of the SpaceX website. The company first made a proposal for a 700-mph human transport system public in 2013. The company has been working to make Hyperloop a reality.

SpaceX said in an announcement on June 15th that, "NeitherSpaceX nor Elon Musk is affiliated with any Hyperloop companies. While we are not developing a commercial Hyperloop ourselves, we are interested in helping to accelerate development of a functional Hyperloop prototype. SpaceX is announcing an open competition, geared towards university students and independent engineering teams, to design and build the best Hyperloop pod. To support this competition, SpaceX will construct a one-mile test track adjacent to our Hawthorne, California headquarters."