There's a set of problems that are (it is conjectured) easy to verify but hard to solve. One of them, called 3SAT, looks for values (a, b, c, ...) such that an expression like ((a or b or c) and (b or not-c or e) and ...) evaluates to true. And it turns out that all of these supposedly hard problems can be converted to 3SAT, so if you find a solution to one you find a solution to all.

The Exponential Time Hypothesis in effect says that 3SAT can only be solved by brute force--trying every possible combination until you find the right one. If your 3SAT expression has 100 variables, then this will take about 2^100 tries (exponential time).

What they found was an algorithm faster than brute force. 3SAT is still potentially one of these hard problems, but finding anything faster than brute force is a major advance.