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It’s too soon to say that graphene will be truly transformative, but it could be. Unlike any other material we now use, such as silicon, graphene can be made only 1 atom thick (or should I say thin). And, because graphene is superbly conductive, it may allow for the manufacture of electronic circuits that are much, much smaller than anything we can make today, as we approach the limits of silicon based technology. It also happens to be very strong.
There is a good basic summary of graphene on Geek, but it boils down to three properties that are very useful: conductivity, strength, and flexibility.