It would be better if the Internet Archive was decentralized without a central point of failure, maybe run on something like bittorent.
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I think Archive.org should still exist too (and ArchiveBox donates + submits URLs to Archive.org too), but having a self-hosted option where you can archive personal stuff that requires a login, and do P2P sharing with with fine grained permissions is a gap that should be filled.
Aiming to archive the entire internet is Archive.org's goal, aiming to archive the part of the internet YOU care about is our goal.