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The new Racetrack memory aims to combine the best attributes of these two types of devices by storing data as magnetic regions - also called domains - in racetracks just a few tens of nanometres wide.
According to Parkin, racetrack memory would make computers, simpler, smaller, more reliable, and more energy efficient as well as giving them much faster access to stored data.
The boffins say they think we'll see racetrack memory in the wild within ten years.
IBM near finish line with Racetrack Memory, promises terabytes for mobile devices