We introduce M/# as a metric for characterizing holographic memory systems. M/# is the constant of proportionality between diffraction efficiency and the number of holograms squared. Although M/# is a function of many variables in a holographic recording system, it can be measured from the recording and erasure of a single hologram. We verify experimentally that the diffraction efficiency of multiple holograms follows the prediction of M/# measured from a single hologram.
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