What is this?
In short, it's the fourth circuit element type after resistors, capacitors and inductors, which he called a memristor, because it "remembers" changes in the current passing through it by changing its resistance.
What will this do to us? It's tiny, it has memory and it use very little energy.
"This new circuit element solves many problems with circuitry today--since it improves in performance as you scale it down to smaller and smaller sizes," said Chua. "Memristors will enable very small nanoscale devices to be made without generating all the excess heat that scaling down transistors is causing today."