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Thank you for your patience with me, Natesh. I see you are at a nanotechnology lab, so I imagine that "I squared R" dissipates a lot of heat that is of concern. How much dissipation in your hypothesis is from I^(2) R ?
From my work experience in software, implementing a FSM by an array with two indexes, one for current state, one for current input signal, storing at those indexes next state and output signal, is much quicker and easier to debug than leaving the FSM in a lot of "if-then" statements-- I.e. using data instead of code increases the speed of execution and reduces debugging significantly. Then if the rest of the code is needed for the full Turing machine, most of the speed loss and complexity in my coding experience would come from the full Turing machine, not the FSM. That's why I ask. And, in your line of work, it seems to me that the vonNeumann architecture would be more relevant for I^(2) R dissipation than more abstract models like co-algebras, streams, or Chu spaces for modeling computing. For example, as in Samson Abramsky's Big Toy Models.
In engineering terms, apoptosis is a quality control in animals (it never occurs in plants) that seems like a way to minimize energy loss and therefore may be relevant to your dissipation hypothesis. In apoptosis, defective cells that would be energy-wise inefficient are destroyed and their components re-used to build other cells, thus holding onto the potential energy in the sub-assemblies and again reducing energy loss. But I don't see how I^(2) R heat loss plays a role in apoptosis.
If you had an equation for dissipation rather than a verbal explanation, It might give me something more general than I^(2) R to think about-- especially regarding apoptosis as an example of minimizing dissipation of energy. What are your thoughts?
Regarding your references-- I will try to find them online. Are they in arxiv? The closest big universities where I could photocopy these papers are hours away from me.