The Wayback machine project is created still by Internet Archive which is also the same as the one who made the PetaBox. The Internet Archive is a non-profit organization and it aims to be of help for the general public and so it builds the Wayback machine as part of its mission. The Wayback machine is one that aims to store digital information of websites and so it captures the homepage of as many websites that it can so that it would be used freely.
The Wayback Machine is already doing the archiving for many years and it has a big amount of data already archive.It ranges from news websites to loans websites to those who offer places to stay and many other websites. There is no established standard as to how they record a website and how many times they update their record. There is no specific standard known to the public on what is the record that is contained now in the record of the Wayback machine but there is a study conducted.
The number of hours the way back machine spent is on the news sites. If rank you can know that the top 1o are mostly news websites. If the Wayback machine could be used for research then it would be beneficial if news websites are stored so it could be accessed even years after this time. They could also be updated when a new version is available or made. It has features that users could also use.