PRAM is based on chalcogenide glass, which can be altered using the heat generated by an electric current. Heat changes the physical structure of the glass to either a crystalline or amorphous state. Each of these states has a distinct electrical resistance that is used to represent the ones and zeroes needed to represent stored data in binary terms.

PRAM looks set to offer better read-write speed and durability than flash memory, which works by trapping electrons in a memory cell. Over time, electrons inevitably become trapped in these cells and can no longer be removed, rendering the memory chip useless.

Read more here (Techworld) 

 

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