Stochastic Computing
Stochastic computing is a collection of techniques that represent continuous values by streams of random bits. Complex computations can then be computed by simple bit-wise operations on the streams. Stochastic computing is distinct from the study of randomized algorithms.
Stochastic computing was first introduced in a pioneering paper by John von Neumann in 1953. However, the theory could not be fully developed until advances in computing of the 1960s, mostly through a series of simultaneous and parallel efforts in the US and the UK. By the late 1960s, attention turned to the design of special-purpose hardware to perform stochastic computation. A host of these machines were constructed between 1969 and 1974. In recent times due to emergence of non-volatile memories the field has again drawn considerable attention.