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SAN FRANCISCO (CBSMiami) – If you hate traffic, and who doesn’t, you’ll love this. An ultra-light aircraft dubbed a “flying car” has been unveiled to the world and it could be a giant leap into the future of transportation.

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A demonstration of the vehicle, described as an ultralight aircraft called the Kitty Hawk Flyer, was posted online on Monday by the aerospace startup company Kitty Hawk.

The Flyer basically looks like a giant drone, with the driver sitting on top.

Kitty Hawk said the craft, which is only able to fly over water, should be available for purchase by the end of the year.

The ‘flying car’ prototype takes off and lands vertically over water.

Backed by Google co-founder Larry Page, this is the latest Silicon Valley entry into the ‘flying car’ market.

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The 220-pound craft uses eight battery powered propellers. It is flying under a special FAA category of ultralight aircraft, which does not require a pilot’s license but it also limited to sparsely populated areas.

Russell Hancock of Joint Venture Silicon Valley says don’t laugh at this prototype.

“Don’t forget, they laughed at Orville and Wilbur Wright. Nobody took them seriously, even when they had proven that this could fly.”

Hancock says anything that can ultimately lead to solutions for traffic gridlock has a huge upside.

“Mobility and getting around. This is going to be the problem of the 21st century. It is going to vex every metropolitan region. I am glad that some of our brightest people are thinking about it.”

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The retail price of the ‘Kitty Hawk Flyer’ has not yet been released but the company hopes to have them on the market by the end of the year.