Project Voldemort is a distributed key/value storage system used by LinkedIn, based on concepts from Amazon Dynamo and memcached, providing high availability, scalability, and consistency despite failures. It features an administrative interface for dynamic rebalancing of clusters and supports performance optimizations and testing through a cloud-based framework. The document discusses various functionalities, including how data is stored, managed, and served, as well as addressing challenges like failures in distributed systems and ensuring efficient ETL processes.