KentuckyFC writes "A group of electronics engineers have discovered that a thin layer of vanadium oxide acts as a memristor, the fourth basic component of circuits after resistors, capacitors, and inductors that was discovered last year. At a critical temperature, a current passing through the layer causes it to change from an insulating state to a metal-like state, thereby changing its resistance (abstract). The effect lasts many hours — which is what makes the layer a memristor (a resistor with memory). The team says this could be scaled up to make resistive random access memory, or RRAM, at very low cost, from little more than layers of vanadium oxide."
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