In the 1990s, Joseph Polchinski discovered that the theory requires higher-dimensional objects, called D-branes and identified these with the black-hole solutions of supergravity. These were understood to be the new objects suggested by the perturbative divergences, and they opened up a new field with rich mathematical structure. It quickly became clear that D-branes and other p-branes, not just strings, formed the matter content of the string theories, and the physical interpretation of the strings and branes was revealed—they are a type of black hole. Leonard Susskind had incorporated the holographic principle of Gerardus 't Hooft into string theory, identifying the long highly excited string states with ordinary thermal black hole states. As suggested by 't Hooft, the fluctuations of the black hole horizon, the world-sheet or world-volume theory, describes not only the degrees of freedom of the black hole, but all nearby objects too.