Volatile storage refers to a type of computer memory that requires power to maintain the stored information. When the power is turned off, all data in volatile storage is lost. Common examples include Random Access Memory (RAM) and cache memory, which are used to temporarily hold data that the computer is actively using. This type of storage is essential for the fast performance of computers and other devices, as it allows quick access to data. However, because it is temporary, volatile storage is often used in conjunction with non-volatile storage, such as hard drives or solid-state drives, which retain data even when powered off.