PRAM is supposed to be the next generation of Nonvolatile Memory.
PRAM stands for Phase-change Random Access Memory. Samsung developed the first prototype of a PRAM chip with 512 megabit capacity.
PRAM features the fast processing speed of RAM for its operating functions combined with the non-volatile features of flash memory for storage, giving it the nickname: perfect RAM. Because PRAM can rewrite data without having to first erase data previously accumulated, it is effectively 30x faster than conventional flash memory.
PRAM is also expected to have at least 10-times the life span of flash memory.
PRAM will available commercially beginning sometime in 2008.
More details in this Samsung press-release.
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