eMemory, MagnaChip team on non-volatile memory IP

What does IP stand for?
(1) Internet Protocol is a basic communication language or protocol widely used in the Internet or a private network. It is a data-oriented protocol used for communicating data across a packet-switched internetwork. (2) Intellectual Property. A product of the intellect that has commercial value, including copyrighted property (literary or artistic works) and ideational property (patents, appellations of origin, business methods and industrial processes).

What is memory?
It is the computer's physical workspace that stores the instructions, programs and data needed to accomplish the tasks executed by the processor for some interval of time, even after electrical power to the computer is turned off.