Racetrack memory, is a new type of magnetic memory that has magnetic domains "racing" along tiny nanometer sized wires, giving performance similar to conventional DRAM. Invented by IBM Fellow, Stuart Parkin, it has been in development since about 2004, with a working prototype having now been unveiled containing 256 "racetrack" cells, each containing a single wire. The technology works by sending very fast electric pulses down these wires, measured in nanoseconds, which transmit very fast moving magnetic domains which are then read by a magnetic head either as a one or a zero, depending on their direction. IBM said in a statement: "This breakthrough could lead to a new type of data-centric computing that allows massive amounts of stored information to be accessed in less than a billionth of a second."