This is the largest collider following a series of colliders. The idea is not new but built upon past experiments. The colliders have been getting larger in the quest to understand physics and develop theories to predict or explain physics now.
The LHC was designed to look for evidence of certain particles that have been predicted by some theories but have not been found. The process is like slamming two cars head on and seeing what parts make up the cars; in this case the things are atoms sped up to near light speed and smashed into a target.
Part of the experiments that will be done is to get data to test the theories about the early universe before the particles assembled into atoms.
As for beneficial results; this is something to get more information about how things work and why things are the way they are. It may lead to another energy source to wean us off of fossil fuels or it could lead to other things that we have yet to imagine. We do benefit from increased knowledge.
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