The Internet Archive’s founder Brewster Kahle has joined the boards of advisors for the Filecoin Foundation and the Filecoin Foundation for the Decentralized Web.
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The Internet Archive, an American nonprofit behind major digital archive Wayback Machine, has received a $10 million cryptocurrency donation from the Filecoin Foundation.
The Internet Archive, an American nonprofit behind major digital archive Wayback Machine, has received a $10 million cryptocurrency donation from the Filecoin Foundation.
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Internet Archive: Digital Library of Free & Borrowable Books, Movies, Music & Wayback Machine
According to a Friday announcement, the Filecoin Foundation has donated 50,000 Filecoin (FIL) tokens to the Internet Archive, worth more than $10 million at the time of writing. The grant is designed to help the Internet Archive increase access to its online library including books, data, web pages, music and software.
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 computer engineer, Kahle founded the Internet Archive back in 1996 with “bold efforts to record the entire Internet.” He expects that new technologies like Filecoin will help further transform digital libraries by making them more decentralized:
According to a Friday announcement, the Filecoin Foundation has donated 50,000 Filecoin (FIL) tokens to the Internet Archive, worth more than $10 million at the time of writing. The grant is designed to help the Internet Archive increase access to its online library including books, data, web pages, music and software.
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 computer engineer, Kahle founded the Internet Archive back in 1996 with “bold efforts to record the entire Internet.” He expects that new technologies like Filecoin will help further transform digital libraries by making them more 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 major cryptocurrency Bitcoin (BTC) since 2011. Since ts inception, the Internet Archive has received as much as 880 BTC on its publicly available Bitcoin address, with a total balance amountint to 4.5 BTC, or around $270,000 at the time of writing.
The Internet Archive now accepts donations in altcoins like Ether (ETH), XRP, Zcash (ZEC), and Bitcoin Cash (BCH) through publicly available addresses. The nonprofit also allows donations in a number of other altcoins like Dogecoin (DOGE) through cryptocurrency exchange 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 top 10 cryptos by market capitalization on April 1. After hitting its new all-time high of above $230 yesterday, FIL subsequently slipped below $190, according to data from CoinMarketCap. At publishing, the token is trading at $203, still up over 100% over the past seven days.
Filecoin (FIL) becomes 9th largest crypto
The majority of the inflows come from Grayscale Investments, the largest investment fund in the world.
Major interests in FIL is a result of rising demand from China, the platform’s unique, and technical momentum.
Institutional investors are hoping FIL will do better than Snowflake, a platform with a similar setup.
Decentralized storage network Filecoin (FIL) has seen increased institutional demand, as the token is now in the top ten crypto rankings in terms of market cap.
FIL hit an all-time high of $220 on Thursday, but it has since contracted to $217. That’s still a huge gain, considering that the cryptocurrency has surged by 150% within the past week and by 42% within the past 24 hours.
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The majority of the inflows for the token were from Grayscale Investments, the largest investment fund in the world.
Big demands coming from China
Filecoin is a blockchain platform that allows its users to rent unused hard drive space and retrieve data.
Analyst have pointed out three factors that could have led to the huge demands for FIL in recent weeks: the uniqueness of the platform compared to Ethereum (ETH), rising demand from China, and technical momentum
With 63 million FIL tokens in circulation, as well as over a billion tokens to be remitted in the future, FIL’s market cap today is now worth a massive $543 billion. That’s about 0.12% of the global wealth, based on the world’s total wealth report by Swiss Bank Credit Suisse.
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Increased Institutional demand for Filecoin (FIL)
Institutional investors have preferred Grayscale over other options when it comes to investments in cryptocurrencies. The fund is not about to relinquish its number one position in the world yet, as it keeps attracting more investors.
Last month, Grayscale set up trusts for Decentraland (MANA), Chainlink (LINK), and Basic Attention Token (BAT) to expand its existing products.
Cryptocurrency asset manager, Bitwise, stated in a tweet that Filecoin has entered the Bitwise 10 Large Cap Crypto Index.
The platform works like Snowflake, which executed the largest ever software IPO last year.
Most of the hype about Filecoin is coming from the benefits derived from a similar platform Snowflake. Most investors believe Filecoin even has the potential of doing better in the coming months.
Written by: Ali Raza
April 2, 2021
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