Keynote on memristors by R. Stanley Williams of HP Labs
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It seems as if memristors have the potential to be very important to the future of computing, but the one question I haven't seen answered yet is endurance. The operation of memristors involves atoms physically migrating back and forth. If memristors wear out like flash memory after a few thousand switchings then the talk of them replacing DRAM is just hot air, and building artificial synapses seems unlikely to work either.
Edit: Also, I would highly recommend those with the time to watch the 45-minute keynote, and not just the condensed explanation. It really is worth it.
Sounds a bit wishful in thinking, but I have no experience in the matter.
The center panelist then seems to indicate that Intel is more interested in the phase change version because they want 'a rock that can switch 10^6 times..'.
So I think you might be right that this is a significant issue (particularly into DRAM or computation).
And the applications are equally mind-boggling. If he's right about what is potentially possible using memristors then we're in for an amazing ride this decade. I for one hope we can soon say our farewells to HDD's, DRAM and SSD's.
Having hope is good, but keep in mind that the guys coming up with the new stuff point the upsides, of course. Then the hard-nosed spoilsports figure out the problems.
Personally, I've been keeping an eye on this one for over a year - we'll probably figure out if it's a 'yea' or a 'nay' in another year. But I'm not seeing as much third-party excitement as expectable.