Fastest algorithm for matrix inversion What is the fastest way to compute the inverse of the matrix, whose entries are from file $\mathbb{R}$ (set of real numbers)?

One way to calculate the inverse is using the gaussian elimination method. In this method append more columns(double the number of columns ) to the input matrix and then we try to make last row zero except the last column entry and second last and so on until we get a identity matrix and then we stop and we have a inverse of input matrix. Consider the cost of one multiplication, division  and addition is constant. Then total $O(n^2)$ many operations is needed.

Is there any algorithm which is faster than the above algorithm? Please give the algorithm or reference to the algorithm
Gaussian elimination requires $O(n^3)$ operations, not $O(n^2)$.

In general, matrix inversion has the same exponent as matrix multiplication (any matrix multiplication algorithm faster than $O(n^3)$ gives a matrix inversion algorithm faster than $O(n^3)$), see for example P.Burgisser, M.Clausen, M.A.Shokrollahi "Algebraic complexity theory", Chapter 16 "Problems related to matrix multiplication".