It stands for Erasable Programmable Read Only Memory. It's basically a computer chip that can have information programmed onto it - which stays on the chip even when the power is turned off (unlike RAM which is erased when you turn the computer off) The EPROM can be re-programmed by erasing the current information and re-writing new information to it.
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Erasable Programmable Read Only Memory (EPROM) is a chip found in almost every microprocessor.