The type of memory used for temporary storage while a computer is running is known as RAM (Random Access Memory). RAM provides quick read and write access to a storage medium, allowing the operating system and applications to access data rapidly during processing. Since it is volatile memory, all data is lost when the computer is powered off. This fast storage is crucial for the performance of tasks such as running applications, multitasking, and managing temporary files. In summary, RAM plays a vital role in ensuring a smooth user experience by supporting rapid data access.