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"One of the biggest hurdles in using these devices is understanding how they work: the microscopic picture for how they undergo such tremendous and reversible change in resistance. We now have a direct picture for the thermal profile that is highly localised around this channel during electrical operation, and is likely to play a large role in accelerating the physics driving the memristive behavior." - John Paul Strachan of the nanoElectronics Research Group at HP Labs.
The timeline of memristors.