A semiconducting material used as a doping agent in production of microchips. Originally investigated by DARPA and NASA, this technology is now being integrated by corporations. Carriers move through it faster than any semiconducting material known to man, also at a lower power consumption. It is also one in a small nuber of photonic semiconductors. According to Aaron Bond, the chief technology officer at T-Networks, among one of the properties of indium phosphate is its unique ability to generate, modulate, amplify, and receive light at telco wavelengths (1.55 - 1.3 microns). This wavelength is used by the telecomunications industry in its single-mode optical fibers.
This is to be the next step in the computing industry. Between the transistor, and the carbon nanotubes.