In this article, we give a short overview of the theoretical background and properties of the unique polyoxovanadate K6[VIV
15As6O42(H2O)]·8H2O (abbreviated V15) containing a cluster of the
fifteen VIV ions and exhibiting layers of different magnetizations. Analysis of the magnetic and spectroscopic properties of this fascinating system constitutes a distinct trend in the study of complex nanoscopic polyoxometalates. V15 cluster exhibits strong magnetic
anisotropy closely related to the unquenched orbital angular momentum in the degenerate ground state. The degeneracy is interrelated with the spin frustration in V15 which gives rise to a variety of interesting phenomena observed in this polyoxovanadate. We summarize the studies
of the isotropic and antisymmetric exchange interaction and analyze its manifestations in magnetic properties, electron paramagnetic resonance, and inelastic neutron scattering spectra as well as in the spin-phonon relaxation in V15. We briefly discuss also a long coherence time
(Rabi oscillations) first discovered in molecular magnets due to which the V15 cluster proved to be a prerequisite for the use of molecular magnets in quantum computing.
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