Filecoin Foundation donates $10M in FIL tokens to Internet Archive

The Internet Archive, an American nonprofit behind main digital archive Wayback Machine, has acquired a $10 million cryptocurrency donation from the Filecoin Foundation.

According to a Friday announcement, the Filecoin Foundation has donated 50,000 Filecoin (FIL) tokens to the Internet Archive, value greater than $10 million on the time of writing. The grant is designed to assist the Internet Archive enhance entry to its on-line library together with books, knowledge, net pages, music and software program.

In addition to the donation, the Internet Archive’s founder Brewster Kahle and director of partnerships Wendy Hanamura have joined the boards of advisors for the Filecoin Foundation and the Filecoin Foundation for the Decentralized Web. 

A digital librarian and a pc engineer, Kahle founded the Internet Archive again in 1996 with “bold efforts to record the entire Internet.” He expects that new applied sciences like Filecoin will assist additional rework digital libraries by making them extra decentralized:

“Libraries have always used the technology of the day, whether it’s cuneiform back in Sumerian Babylonian times, or papyrus paper, or microfilm. Today, the Internet Archive is built on hard drives. Our hope is that new technologies like Filecoin will revolutionize the storage market and decentralize it. We are thrilled to collaborate with an organization that shares a like-minded approach.”

The Internet Archive is an early cryptocurrency adopters. The nonprofit has been accepting donations in main cryptocurrency Bitcoin (BTC) since 2011. Since ts inception, the Internet Archive has received as a lot as 880 BTC on its publicly accessible Bitcoin deal with, with a complete stability amountint to 4.5 BTC, or round $270,000 on the time of writing.

The Internet Archive now accepts donations in altcoins like Ether (ETH), XRP, Zcash (ZEC), and Bitcoin Cash (BCH) by way of publicly accessible addresses. The nonprofit additionally allows donations in a lot of different altcoins like Dogecoin (DOGE) by way of cryptocurrency trade Changelly .

The Filecoin Foundation’s donation to the Internet Archive comes amid Filecoin experiencing a massive price rally, with the FIL token breaking to the highest 10 cryptos by market capitalization on April 1. After hitting its new all-time excessive of above $230 yesterday, FIL subsequently slipped beneath $190, in accordance to data from CoinMarketCap. At publishing, the token is buying and selling at $203, nonetheless up over 100% over the previous seven days.

Filecoin 24-hour value chart. Source: CoinMarketCap