The document summarizes the history and properties of memristors, a fourth fundamental circuit element predicted by Leon Chua in 1971. It describes how memristors work by relating the flux and charge within the device. Memristors can store charge and be used for memory applications. They have advantages over other memory technologies like flash memory by using less energy and allowing faster read/write operations. The document predicts that memristors may replace transistors and enable new technologies that can mimic brain functions through their ability to represent intermediate values between 0 and 1.