The sentence provides an informal definition. Extended, formal, and dictionary definitions differ in detail and precision.
Informal definition is provided in the sentence. An informal definition typically uses everyday language and may not be precise or detailed. In this context, the comparison of a hydrofoil to a boat as being 'much much faster' is a simple, informal way of explaining the concept.
To further explain, an extended definition would provide more detailed information and examples, a formal definition would be precise and technical, and a dictionary definition would offer an exact meaning of the term.
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