1) Single electron transistors (SETs) function by controlling the transfer of individual electrons between small conducting islands. SETs exhibit quantum properties like Coulomb blockade and oscillations that enable applications in electronics.
2) SETs consist of a small conducting island coupled to source and drain leads by tunnel junctions. Current flows when the applied voltage exceeds the threshold voltage needed to overcome Coulomb blockade.
3) Potential SET applications include ultrasensitive electrometry, quantum dot spectroscopy, standards for current and temperature, and detection of terahertz radiation. However, challenges remain for room temperature operation and linking SETs into larger circuits.