Wormhole Device
The wormhole device is a device that you can swap for a Hyper-mass accelerator that allows you to create a wormhole from any location to anywhere other location within the server. The Hyper-mass accelerator is only found on command ships and stations and is the only device interchangable with the Wormhole Device. The Hyper-mass accelerator is basically the jump drive for command ships, you can find more info on the Hyper-mass Accelerator page. The Wormhole device does have pros and cons.
Pros:
Allows for instant travel between two points without the use of a jump drive. Is good for bypassing planetary Interdictors to get close to a planet.
Cons:
The wormhole created is open to ships from all factions and thus, if you attempt to escape another ship with one, it can follow you through. Does not last very long in a command dreadnought and thus, if you attempt to move a massive fleet through a wormhole, it must be quick or else the Wormhole will close before all ships can pass through.
Lemme know if there's anything I'm leaving out.