edit - This design is so absurdly straight forward, I am genuinely impressed. The damn thing is even reversible. Is cool as hell that this works. I wonder what the pitfalls are?
edit2 for magnat as it is not letting me reply to the comment below - The way I understand it (given it is described as a FET), those two electrodes sit directly on top of a gate. If you flood the gate with electrons, then the gate's negative electric field will keep the electrons in the electrodes away from the gap, reducing or completely halting the flow of current.