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The 4.02m euro (£3.58m) project aims to create a universal emulator that can open and play obsolete file formats.
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Using the emulator, researchers hope to ensure that digital materials such as games, websites and multimedia documents are not lost for good.
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The emulator will also be regularly updated to ensure that formats that fall out of favour remain supported in the near and far future.
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Called Keeping Emulation Environments Portable (Keep), the project aims to create software that can recognise, play and open all types of computer file from the 1970s onwards.
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As well as basic text documents it will also let people load up and play old computer games that technology has left behind.
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"People don't think twice about saving files digitally - from snapshots taken on a camera phone to national or regional archives,"
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But every digital file risks being either lost by degrading or by the technology used to 'read' it disappearing altogether.
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The conventional way of opening old files now is to open it in a different format so that you can read/see it. However doing this can corrupt the file, which will then stop you from ever seeing it.
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A good example of this is opening a Microsoft Works Word document in Microsoft Office Word 2007. Even though it is the same brand, this older version is not compatible with the new.