The fund will also support gaming projects built on “all platforms” alongside other areas related to the metaverse, NFTs and Efinity’s core infrastructure.
Related:The Sandbox raises $93M to expand its NFT metaverse
Earlier this year, Enjin secured $18.9 million funding from investors including the major crypto exchange Crypto.com to debut Efinity, its Polkadot-based blockchain for the NFT industry. EFI, the native cryptocurrency of Efinity, went live in August 2021 following a $20 million token sale in July.
Enjin’s latest move into the metaverse comes amid the growing hype around the metaverse concept, fueled even further after social media giant Facebook officially changed its company name to Meta.
There’s a whole entire person and a set of experiences that can be leveraged to the benefit of the organization.”
One critical step in combating tokenism — and encouraging diversity, equity, and inclusion — is ensuring that employees aren’t called upon to be the lone representative for their entire group. Unfortunately, this happens a lot: Kia Jarmon recalled getting separated from the only other African-American student in the fourth grade; they were placed in separate classrooms to give the appearance of “diversity,” and this has continued to happen to her throughout her career. Companies can help forestall tokenism by making sure there’s more than one person from each demographic in a group.
Furthermore, companies that increase diversity, equity, and inclusion also experience better performance and results.
Blockchain gaming platform Enjin is establishing a new fund to support the development of the metaverse ecosystem and make it more decentralized.
Enjin, a startup behind the nonfungible token (NFT)-focused blockchain Efinity, has formed a $100 million fund to support Efinity adopters as well as other related projects, the startup announced Thursday.
“It is now time for us to turn this into an official, public, and conscious piece of our growth strategy, and support a free, open, and decentralized Metaverse,” Enjin said, adding that it will consider equity investments in seed funding rounds and token purchases to nurture the ecosystem.
Dubbed the “Efinity Metaverse Fund,” the new fund also targets organizations that are focused on cross-chain integrations with the Enjin ecosystem as well as collaborative NFT projects on Efinity and Polkadot.
Cloud-based tokenization providers enable organizations to remove the identifying data completely from their environments, decreasing both the scope and the cost of compliance.
Is Tokenization Right for My Data?
Tokenization works to not only increase security for sensitive data but also cut down on compliance scope and associated costs. The flexibility of tokenization allows companies to create customized solutions that help them balance their data utility needs with data security requirements.
If you’re curious about tokenization for your organization, reach out to a TokenEx representative today. We’d love to have a conversation about your unique data use case and discuss whether tokenization could support your data security goals.
Questions about Tokenization? Let’s chat.
Admissions Operations and Diversity Recruiting Manager at the Owen Graduate School of Management
What is Tokenism?
The panel kicked off by defining tokenism: “the practice of doing something (such as hiring a person who belongs to a minority group) only to prevent criticism and give the appearance that people are being treated fairly” (via Merriam Webster).
Knox pointed out that intent is important in deciding whether or not a company is engaging in tokenism.
Sometimes it is going to be because of tokenism, but it’s what you bring to it (that matters)…so step into it.”
“People do business with who they know, and who they trust,” Susan Vanderbilt added. “You can’t wait until the opportunities come…you have to build those (relationships) ahead of time.”
However, feeling like a token can be draining on employees, especially if they’re the only (for example) female, African-American, or millennial in their department. Panelists urged listeners to seek support from people who can identify with their struggles so they’re getting replenished outside of the workplace.
“When you don’t have that diversity group or that support that you might need in the job, be sure that you’re getting it outside the job,” Knox said.
Is Tokenized Data Pseudonymous Data?
Pseudonymized data is data that cannot be connected to a specific individual. Data pseudonymization is especially important for companies who work with protected individual data and need to becompliant with GDPRandCCPA. In order for data to be pseudonymized, the personal reference in the original data must both be replaced by a pseudonym and decoupled from the assignment of that pseudonym.
If the personally identifiable information (PII) has been replaced in a way that is untraceable, then the data has been pseudonymized.
Tokenization is a well-known and accepted pseudonymization tool. Tokenization is specifically an advanced form of pseudonymization that is used to protect the individuals’ identity while maintaining the original data’s functionality.
Although no technology can guarantee the prevention of a data breach, a properly built and implemented cloud tokenization platform can prevent the exposure of sensitive data, stopping attackers from capturing any type of usable information—financial or personal.
“Usable information” is the key here. Tokenization is not a security system that stops hackers from penetrating your networks and information systems. There are many other security technologies designed for that purpose.
Rather, it represents a data-centric approach to security that adheres to “Zero Trust” principles.
However, no defense has proven to be impenetrable. Whether through human error, malware, phishing emails, or brute force, cybercriminals have many ways to prey on vulnerable organizations. In many cases, it’s a matter of when—not if—an attack will succeed.
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They understand the importance of uniting and sharing resources and knowledge, which is essential in today’s world where a wave of distributed ledger technologies and digital assets is precipitating a new type of thinking and new societies,” says Yuri Lobyntsev, co-founder and CTO of Cindicator.
“Today’s governments and other centralized institutions are ill-equipped to adapt to accelerating technological, societal, and economic changes. When a system cannot be transformed from the top, it changes from the inside. This is happening right now. Ideology-driven network organizations of the new economy are emerging everywhere,” says Mike Brusov, co-founder and CEO of Cindicator.
“The decentralized network is able to produce insights, unexpected ideas and solutions.
Or perhaps the company genuinely wants to improve diversity among staff, but past initiatives have been lacking.
“You could be in an organization where there are very few people like you. And in one regard, it could have been that you were hired as a token,” she said. “In another regard, it could be a company that’s really, genuinely interested in diversifying but their efforts haven’t been fruitful…the intent was good, they just haven’t gotten things lined up well.”
Tokenism: “the practice of doing something (such as hiring a person who belongs to a minority group) only to prevent criticism and give the appearance that people are being treated fairly.” -Merriam Webster
What Can Businesses Do About Tokenism?
There are three components to preventing tokenism: diversity, equity, and inclusion.
This means encrypted numbers can be decrypted with the appropriate key, through either brute computing force or a hacked/stolen key.
What is the Goal of Tokenization?
The goal of an effectivetokenization platformis to remove any original sensitive payment orpersonal datafrom your business systems, replace each data set with an indecipherable token, and store the original data in a secure cloud environment, separate from your business systems.
For example, tokenization in banking protectscardholder data. When you process a payment using the token stored in your systems, only the originalcredit card tokenizationsystem can swap the token with the corresponding primary account number (PAN) and send it to the payment processor for authorization. Your systems never record, transmit, or store the PAN—only the token.