Witricity, or wireless electricity, was originally demonstrated in 1964 and allows the transfer of electricity without wires. It works by converting electricity into oscillating magnetic fields at a transmitting coil, which induces a current in a receiving coil. Advantages include delivering power omnidirectionally without wires, but limitations include potential losses from ferro-magnetic substances or lack of standardization. The presenter discusses the history and inventors of witricity, its working principle, applications like charging electric cars wirelessly, and envisions a wirelessly powered world in the future.