A big problem with NLP is understanding the semantic associations between words (or even lemmas. Lemmas in this context refer to different meanings of the same word, like a baseball bat vs. a vampire bat). For example "run" and "sprint" are similar in meaning but convey different connotations; kings and queens are both high-level monarchs but we need to encode the difference in gender between them for a true semantic understanding. The problem is that the information in words themselves don't accurately convey all of this information through their string (or spoken) representations. Even dictionary definitions lack explanations of connotations or subtle differences in context, and furthermore aren't easily explained to a computer
Word2vec is an algorithm that maps words to vectors, which can be compared to one another to analyze semantic meaning. These are typically high-dimensional (e.g. several hundred dimensions). When words are used often together, or in similar contexts, they are embedded within the vector space closer to each other. The idea is that words like "computer" and "digital" are placed closer together than "inference" and "paddling".
Usually these vector mappings are represented as something like a python dictionary with each key in the dictionary corresponding to some token or word appearing at least one (maybe more) times in some set of training data. As you can imagine these can be quite large if the vocabulary of the training data is diverse, and due to being in such a high-dimensional space, the precision of a vector entry may not need to be as high as doubles or floats encode. Floats are 32 bits. The authors of this paper/repo figured out a way to quantize vector entries into representations with smaller numbers of bits, which can be used in storage to make saved word2vec models even smaller. This is really useful because a big problem with running word2vec instances is that they can take up space on the order of gigabytes. I haven't read it all yet but it seems the big innovation might have been figuring out a way to work with these quantized word vectors in-memory without losing much performance
Edit: seems it may not work in-memory