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Diode 
A two-terminal semiconductor
(rectifying) device that
exhibits a nonlinear current-voltage
characteristic. The function of a diode is to allow
current in one direction and to
block current in the opposite
direction. The terminals of a diode are called the anode
and cathode. There are two kinds
of semiconductor diodes: a
P-N junction diode, which
forms an electrical barrier at the interface between
N- and P-type
semiconductor layers, and a
Schottky diode, whose barrier is formed between metal and
semiconductor regions.
But this discussion really ought to start with a bit
about semiconductors as
materials.
Semiconductors are
crystals that, in their pure state, are resistive (that is,
their electrical properties lie between those of conductors
and insulators) -- but when the proper impurities
are added (this process is called doping)
in trace amounts (often measured in parts per billion),
display interesting and useful properties.
A bit of history
The oldest ancestor of semiconductor
devices was the crystal detector, used in early wireless
radios. This device (patented by a German scientist,
Ferdinand Braun, in 1899) was made of a single metal wire
(fondly called a "cat's whisker") touching against a
semiconductor crystal. The
result was a "rectifying diode" (so
called because it has two terminals), which lets current
through easily one way, but hinders flow the other way. By
1930, though, vacuum-tube diodes
had all but replaced the smaller but much quirkier crystal
detector. The crystal and "cat's whisker" were left to
languish as a kids' toy in the form of "crystal radios."
The development of radar during World War II did much to
revive the fortunes of crystal detectors (and, as a result,
that of semiconductors) --
although temperamental, crystals were better than
vacuum-tube diodes at rectifying
the high frequencies used by radar. So, during the war, much
effort was put into improving the semiconductors,
mostly silicon and germanium, used in crystal detectors. At
about the same time, Russell Ohl
at Bell Laboratories discovered that these materials could
be "doped" with small amounts of
foreign "impurity" atoms to
create interesting new properties.
Depending on the selection of impurities
(often called dopants) added,
semiconductor material of
two electricallly-different types can be created -- one that
is electron-rich (called
N-type, where N stands for
Negative), or one that is electron-poor
(called P-type, where P stands for
Positive). Most of the "magic" of semiconductor
devices occurs at the boundary between P-type
and N-type semiconductor
material -- such a boundary is called a P-N
junction. Ohl and his colleagues found that such a
P-N junction made an
effective diode.
Like many components, diodes have a positive side or leg
(a.k.a, their anode), and a
negative side (cathode). When the
voltage on the anode is higher than
on the cathode then current
flows through the diode (the resistance
is very low). When the voltage is lower on the anode
than on the cathode then the
current does not flow (the
resistance is very high).
An easy way to remember this is to look at the symbol for
a diode -- the "arrow" in the diode symbol points the
direction in which it allows current
(hole flow) to flow.
The cathode of a diode is
generally marked with a line next to it (on the diode body).
You can see a similar line in the schematic symbols,
above.
Diodes are also some times marked with an identifying
color code (similar, but not identical, to that used for
resistors); a good explanation
is given here.
Note that when current is
flowing through a diode, the voltage on the positive leg is
higher than on the negative leg (this is often referred to
as the diode's "forward
voltage drop"). The magnitude of the voltage drop is
a function of (among other things) the semiconductor
material that the diode is made from.
Silicon diodes are the most common and
cheapest, and have a forward voltage drop of about 0.65
volts. Germanium diodes have a forward voltage
drop of about 0.1 volt. Germanium diodes, though, are
typically much more expensive than silicon diodes;
luckily, they're salvageable from lots of circuit boards.
Zener diodes 
The Zener diode is designed to have a specific
reverse breakdown voltage (i.e., conduction voltage when
reverse-biased). Because
of this, Zener diodes can be used by themselves as
voltage-sensitive switches, or in series
with a current-limiting
resistor to provide voltage regulation.
Photodiodes 
All P-N junctions are
light sensitive; photodiodes are just P-N
junctions that are designed to optimize this effect.
Photodiodes can be used two ways -- in a photovoltaic
(here it becomes a current source when illuminated -- see
solar cell), or
photoconductive role.
- To use a photodiode in its photoconductive mode, the
photodiode is reverse-biased;
the photodiode will then allow a current to flow when it
is illuminated.
ThermoCentrovision
has an interesting site on the technology behind
photodiodes here.
Light-Emitting Diodes (LEDs)

All diodes emit some light when forward-biased.
LEDs are made from a special semiconductor (like gallium
arsenide phosphide) which optimizes this light output.
Unlike light bulbs, LEDs rarely burn out unless their
current limit is passed.
When current is flowing through an LED the voltage on
the positive leg is about 1.4 volts higher than the
voltage on the negative side (this varies with LED type
-- infrared LEDs have a lower forward voltage
requirement, others may need up to 1.8 V). Remember that
there is very little resistance to limit the current, so
a resistor must be used in series
with the LED to avoid destroying it (note, though, that
some panel-mount LEDs come from the factory with a
current-limiting resistor soldered to them).
Also note that LEDs can be used as photodiodes
(tho' their sensitivity is relatively low, so they're
only useable this way in very bright conditions).
Flashing LEDs (FLEDs)
A flashing LED is just an LED with a built-in
microcircuit to cause it to flash periodically. Since the
FLED draws current when it
flashes, we can use FLEDs to drive a number of
timing-dependent circuits (via the fact that it
periodically becomes conductive). In particular, see the
discussion of the FLED solarengine
design. Like other LEDs, FLEDs are light-sensitive, and
so flash faster in brighter light. Note that some FLEDs
need 3 V minimum to work in, but FLEDs don't in general
require current-limiting resistors (at least, I've never
seen one that does).
For more information, see the AMS
tutorial page on diodes here.
For diode selection and comparison information, see the
diode
section of the BEAM
Reference Library's BEAM
Pieces collection.
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