Hyperloop technology promises an extremely fast commute for those living and working between cities, and while some may still raise eyebrows at its viability, there's no doubting the determination of those involved in propelling the highly ambitious project all the way to completion.

The idea for the ultra-fast transportation system is the brainchild of SpaceX CEO Elon Musk, and while his company has no direct involvement in the actual development of the proposed technology -- leaving that to the likes of Hyperloop One -- SpaceX is still helping to organize various events and contests to encourage the design of the passenger pods that could one day be hurtling through a near-vacuum tube at speeds of up to 760 mph.

Following on from January's contest in California that saw the best three teams from a line-up of 27 given the chance to run their pod along a test track, a new competition has been announced for this August, and it sounds like the most exciting yet.

That's because this one focuses on a single element: speed. That's right, this time around, teams will have to push their pod to the extreme, demonstrating just how fast it can move along SpaceX's specially built mile-long test track.

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"The competition will include new and returning student teams, some of which have already built and tested their pods during the first competition," SpaceX said on its website.

It promises to be a intriguing showdown, and with speed at the very heart of the Hyperloop project, could turn up some fascinating results.

At January's contest, speed took a back seat to design and performance. A team from Delft University in the Netherlands emerged victorious after gaining the highest overall score with its super-sleek, carbon-fiber pod featuring a specially designed brake and stabilization system.

The upcoming speed contest will be held from August 25 through 27, so be sure to check back to see if the winning team achieves a breakthrough for the Hyperloop project.