Memory is nothing but computer data storage space used for computing for some interval of time. Computer data storage provides one of the core functions of the modern computer, that of information retention. It is one of the fundamental components of all modern computers, and coupled with a central processing unit (CPU), implements the basic computer model used since the 1940s.
In contemporary usage, memory usually refers to a form of semiconductor storage known as random access memory (RAM) and sometimes other forms of fast but temporary storage. Similarly, storage today more commonly refers to mass storage – optical discs, forms of magnetic storage like hard disks, and other types slower than RAM, but of a more permanent nature. Historically, memory and storage were respectively called primary storage and secondary storage. Also there are tertiary and offline storages.
A digital computer represents data using the binary numeral system. Text, numbers, pictures, audio, and nearly any other form of information can be converted into a string of bits, or binary digits, each of which has a value of 1 or 0.
Without a significant amount of memory, a computer would merely be able to perform fixed operations and immediately output the result. It would have to be reconfigured to change its behavior. This is acceptable for devices such as desk calculators or simple digital signal processors.
The main characteristics of memory storage are volatility, differentiation, mutability, accessibility, addressability, capacity, performance and environmental impact (recycling).

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