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The LiftPort Space Elevator consists of a ribbon made of a very strong and very light material, carbon nanotubes, anchored to the Earth's surface with the other end reaching into space.
The video shows a successful 1000 foot space elevator test climb to a tethered
10-foot diameter balloon. It was supposed to be a 1 mile climb test, but the FAA-required aviation orange paint contained acetone, which weakened the ribbon.
By making the ribbon long enough, and attaching a small satellite as counterweight, the Earth's rotation will provide enough centrifugal effect to overcome the pull of gravity and keep the ribbon taut. The Space Elevator will then provide a permanent bridge between earth and space. Elevator cars will be robotic "lifters" which will climb the ribbon to deliver cargo and eventually people to orbit or beyond.
Popular Science article: Space Elavator
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