Researchers said that the fourth basic element (the first three are resistor, capacitor and inductor) has been found - it is called memristor. It can remember the amount of charge flowed through it after power is switched off.
In short run, it can be used to build competitor of flash. It will happen in coming few years.
In long run, it can replace transistor as the major building block of chips.
In future, storage and processing will be in the same device. But it will only happen after a decade.
The discovery of memristor allows Moore's Law to continue as researchers are hitting the wall with transistors. Memristors allow them to continue to pack more components into the chips.
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