Black Holes as Quantum Membranes
  We propose a quantum description of black holes. The degrees of freedom to be quantized are identified with the microscopic degrees of freedom of the horizon, and their dynamics is governed by the action of the relatistic bosonic membrane in $D=4$. We find that a consistent and plausible description emerges, both at the classical and at the quantum level. We present results for the level structure of black holes. We find a ``principal series'' of levels, corresponding to quantization of the area of the horizon. From each level of this principal series starts a quasi-continuum of levels due to excitations of the membrane. We discuss the statistical origin of the black hole entropy and the relation with Hawking radiation and with the information loss problem. The limits of validity of the membrane approach turn out to coincide with the known limits of validity of the thermodynamical description of black holes. 
Michele Maggiore