John Gustafson is proposing a new numerical format called posits to replace the current IEEE 754 floating point standard. Posits aim to provide better performance and accuracy while using fewer bits, making them a potential drop-in replacement for standard floats. The format has garnered interest in the HPC community and has shown promise in applications such as scientific computing and machine learning. Gustafson claims that posits can deliver a two-fold to four-fold speedup compared to IEEE floats.