In the wake of the news that Toronto-based Hyperloop One is apparently shutting down operations, another firm is stepping up to try and serve as the future of high-tech, high-speed train service worldwide.

TransPod is another T.O. startup that is working on the technology to get people from point A to B as fast as (or even faster than) they would if flying, but without the hassle of air travel.

While the other hyperloop concept from Virgin proposed pods zooming through vacuum-powered tunnels at 1,000 km/h, TransPod's system includes magnets and a patented plasma-based power transmission system that would have pods futuristically float friction-free above rails, transporting passengers at similar speeds.

Also future-forward is the eco-friendliness, with exponentially fewer emissions than commercial aviation, which is a cornerstone of TransPod's ethos.

"TransPod is developing the next generation of affordable and sustainable ultra-high-speed transportation for a better connected and fossil fuel-free society," its website reads.

"[We are] building solutions to solve mankind's biggest upcoming challenge. The way people move is not sustainable. As the population is demanding faster deliveries and faster transport, it is critical to develop new transportation systems capable of moving people fast and clean."

Running on electricity, the airplane-like pods would be compatible with the use of renewable energies like solar power, and would carry up to 54 passengers for $40-$60 a person.

Starting here at home, the goal would be to provide shorter and cheaper commutes between major cities — 45 minutes or so between Calgary and Edmonton or Toronto and Montreal — with eventual connectivity from Quebec City through Montreal, Ottawa, Toronto and Chicago.

But, as exciting and feasible as the prospect is, it's still many years away from becoming a reality in Canada or anywhere else, with tons of work left to do.

One hurdle is the sheer amount of time and resources required to innovate and build the infrastructure needed, as the multi-billion-dollar TransPod network would require tube lines either under or above ground, which the company says would be privately funded.

But, with the right brands (and wallets) on board, TransPod estimates, per the CBC, that it could have trains testing on tracks in Canada by 2035 or even earlier.