How can you design and implement an efficient algorithm for sorting a large dataset with limited memory resources? Explain the different types of sorting algorithms, including comparison-based and non-comparison-based algorithms, and their strengths and weaknesses in terms of time and space complexity. Discuss various memory management techniques, such as external sorting and memory-mapped files, that can be used to optimize the performance of the algorithm. Provide a code example in a programming language of your choice to demonstrate the effectiveness of your sorting algorithm. Finally, evaluate the performance of your algorithm using appropriate metrics and discuss potential improvements or further research directions.

How can you design and implement an efficient algorithm for sorting a large dataset with limited memory resources? Explain the different types of sorting algorithms, including comparison-based and non-comparison-based algorithms, and their strengths and weaknesses in terms of time and space complexity. Discuss various memory management techniques, such as external sorting and memory-mapped files, that can be used to optimize the performance of the algorithm. Provide a code example in a programming language of your choice to demonstrate the effectiveness of your sorting algorithm. Finally, evaluate the performance of your algorithm using appropriate metrics and discuss potential improvements or further research directions.