Google's Project Loon aims to provide internet access to rural and remote areas using a network of high-altitude balloons that can achieve speeds comparable to 3G. Launched in 2013, the project utilizes solar-powered balloons that float in the stratosphere and can be steered by adjusting their altitude to ride winds in the desired direction. While it offers advantages like ease of use and increased internet access, there are challenges such as cost and maintenance, as balloons can only operate for a limited time.