Update after youtube: It was already known that a time-t function can be computed in sqrt(t) space on a single-tape Turing machine. It's exactly like @cma said: a Turing machine wastes a lot of time moving the head back and forth. Williams' result shows sqrt(t) space for multi-tape Turing machines. Those are much more time-efficient in regard to head movement, so until Williams' proof it was not believed to be possible to to make any algorithm use only sqrt(t) space.