Hyperloop is a proposed new mode of transportation consisting of capsules that transport people and goods through a low pressure tube at both low and high speeds. The key components are the capsule, compressor, low pressure tube, propulsion, and suspension. It aims to provide a faster and less expensive alternative to conventional transportation modes. Some advantages include being faster, lower cost, pollution free, and able to withstand weather and earthquakes. Challenges include tube pressurization and ensuring sufficient space for passengers during turns.