What are neurons representing

Forgive my ignorance, I think I can wrap my head around SDRs, but are individual neurons a series of off and on bits which are clustered together to form one complete SDR or does an individual neuron represent an SDR on its own?

Each neuron is like a bit in many SDRs. It can represent a part of many different things that don’t even need to be related. Neuronal transmissions only make sense when viewed as a population. Think of a fiber optics cable spinal cord. Each light is a neuron’s axon, firing or not (0/1). There are many signals being sent along that comm channel encoded in different ways. The brain manages to make sense of it.

You also have to look at it from the other direction as well. Each neuron observes over a landscape of synapses and only fires when certain conditions are met. It is processing its own fiber optics cables of input, each synapse representing another neuron the may or may not be firing.

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