The main problem about replacing LTP as a memory mechanism has been to find other highly abstract, easily understandable principles for induced plasticity. In this paper we attempt to lay out such a basic mechanism, namely intrinsic plasticity. Important empirical observations with theoretical significance are time-layering of neural plasticity mediated by additional constraints to enter into later stages, various manifestations of intrinsic neural properties, and conditional gating of synaptic connections. An important consequence of the proposed mechanism is that it can explain the usually latent nature of memories.