Elon Musk, the man who made his fortune building technology products like the Space X rockets, Tesla cars and solar panels, now plans to unveil his latest project.

Musk announced during a Space X convention in Seattle, Washington that global internet communication can be made cheaper and faster with the help of hundreds of communications satellite orbiting the world.

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Musk is confident about the viability of his space internet project. For the project to work, the satellites should orbit 750 miles above Earth compared to the traditional orbit of communication satellites, which is 22,000 miles. The billionaire believes the low Earth orbit will eliminate internet lag and may even be as fast as fiber optic cables, The Telegraph reports.

Based on Musk's assumption, internet data from one part of the globe will be sent to the satellites and will be transferred until it reaches a satellite closest to its destination.  He explained that internet speed is faster in space than in fiber optic cables.

The unnamed project will be based on Seattle and will initially have a staff of 60 people. The staff may increase to at least a thousand within the next three years. Aside from the internet space project, the future employees will also work on Musk's other projects like the Space X rockets.

Musk isn't the only one bent on orbiting internet satellites. Business Week said fellow entrepreneur Greg Wyler is starting a similar project called OneWeb. One of the backers of the One Web project is Sir Richard Branson of Virgin Group.  Wyler is trying to convince Musk to team-up with their group rather than setting-up a rival space internet network.

"The chances us of working together rather than separately would be much higher," Sir Branson said.

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