Josephson junction
A Josephson junction is two superconductors with a paper-thin insulating gap between them, so thin that paired electrons can quietly tunnel across without resistance. It is the single most important part of a superconducting quantum chip: it is the one circuit element that stores and releases energy without burning any of it away as heat, and yet behaves in a nonlinear way. That combination is exactly what you need to carve a clean qubit out of an electrical circuit.
Two simple rules describe it. The current through the junction depends on the phase difference phi between the two superconductors, as I = Ic sin(phi), where Ic is the most current it can carry. And whenever a voltage V sits across it, that phase winds up over time as V = (hbar / 2e) dphi/dt. Because the current follows a sine rather than a straight line, the junction acts like an inductor whose value changes with the current it carries. A plain wire loop or capacitor gives you evenly spaced energy levels, like an unhelpful ladder with identical rungs; the junction's nonlinearity squeezes the rungs unevenly so the lowest two are spaced differently from the rest. You can then drive that one transition and ignore the others, and that pair of levels is your qubit.
The catch is that the qubit's frequency depends on Ic, which is set by how thick the oxide barrier is, down to a few atoms. Tiny fabrication differences shift each junction's frequency, and on a chip with many qubits those frequencies start to collide. Getting junctions accurate and repeatable across a whole wafer is one of the hardest open problems in building larger quantum processors today.
The two Josephson relations: current is a sine of the phase difference (nonlinear), and any voltage makes that phase wind up over time.
It is the only known lossless nonlinear circuit element at low temperature, which is why essentially every superconducting qubit is built around at least one of these junctions.