Actually didn’t know there was something called Binaural Audio. But apparently it is recording sound, as if it was your ear listing to the sounds.
Not only having two microphones for left and right channels, but also having rubberfoam-like ears infront of the microphones. Apparently it will record the sound the same way we hear the sound. Giving a much better 3D sound, then for instance Dolby 5.1.
Pick up your earphones, and watch the video below.