Later Parkin improved magnetic tunnelling junctions, a device invented in the 1970s by julliere, and revolutionized by Jagadeesh Moodera of MIT. This element can create a high performance magnetic random access memory in 1995. MRAM promises unique attributes of high speed, high density and non-volatility. The development by Parkin in 2001 of giant tunnelling magnetoresistance in magnetic tunnel junctions using highly textured MgO tunnel barriers has made MRAM even more promising. IBM developed the first MRAM prototype in 1999 and is currently developing a 16 Mbit chip.