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Typically electronics has been defined in terms of three fundamental elements such as resistors, capacitors and inductors. These three elements are used to define the four fundamental circuit variables which are electric current, voltage, charge and magnetic flux. Resistors are used to relate current to voltage, capacitors to relate voltage to charge, and inductors to relate current to magnetic flux, but there was no element which could relate charge to magnetic flux.
To overcome this missing link, scientists came up with a new element called Memristor. These Memristor has the properties of both a memory element and a resistor (hence wisely named as Memristor). Memristor is being called as the fourth fundamental component, hence increasing the importance of its innovation.
Its innovators say “memrisrors are so significant that it would be mandatory to re-write the existing electronics engineering textbooks.”