GMR in granular alloys of ferromagnetic and non-magnetic metals was discovered in 1992 and subsequently explained by the spin-dependent scattering of charge carriers at the surface and in the bulk of the grains. The grains form ferromagnetic clusters about 10 nm in diameter embedded in a non-magnetic metal, forming a kind of superlattice. A necessary condition for the GMR effect in such structures is poor mutual solubility in its components (e.g., cobalt and copper). Their properties strongly depend on the measurement and annealing temperature. They can also exhibit inverse GMR.