Consensys to Tokenize Smart Contract and Blockchain Audits via TURN Token Launch
The Ethereum-centric and decentralized protocols software firm Consensys has announced the launch of TURN token, or “Time-Unit Representative NFTs.” Consensys details that TURN tokens will create a new market for tokenized security auditing via Consensys Diligence, the firm’s smart contract audit service. Consensys Diligence to Launch TURN Tokens in Mid-August
From August 15th to the 19th, Consensys disclosed a token sale will take place that will feature the company’s TURN token, which stands for “Time-Unit Representative NFTs.” The company’s smart contract audit service Consensys Diligence essentially will be tokenized and have its own price discovery phase via the open market.
“TURN is the first token of its kind to quantify the immense value of smart contract and blockchain security audits,” Gonçalo Sá, the co-founder of Diligence said in a statement on Tuesday. “With the TURN token, we’re tokenizing labor and helping deliver on the vision for a more secure Web3 that advances the free market economy on the blockchain.”
The upcoming auction will showcase a group of eight TURN tokens, which are ERC721-compatible and they represent “40 hours of time in which an audit can be provided.” Following the sale, TURN assets can be sold on secondary markets similar to other types of NFTs, but TURN’s value is based on the “timeboxed” 40 hours of time.
The Ethereum incubator Consensys recently raised $450 million in mid-March and bumped its valuation to $7 billion. Consensys’s suite of products serves millions of Ethereum users as it manages Metamask, Mycrypto, Infura, Quorum, Truffle, Diligence, and more. Sá believes TURN tokens will be beneficial to the smart contract and blockchain auditing industry.
“TURN allows customers to purchase an audit without waiting in a massive queue for 6 to 9 months. This is the first step in solving the bottleneck with auditing in our ecosystem,” Sá remarked.
TURN tokens will have a very niche purpose for those who require audit services and Consensys thinks the assets will allow for “optimal price discovery of service engagements and scheduling processes.” In the world of decentralized finance (defi), auditing code can help avoid costly errors found in faulty code. Tags in this story Altcoins, Auditing, co-founder of Diligence, ConsensYs, Consensys Diligence, decentralized finance, Diligence, ERC721, Ethereum Incubator, Gonçalo Sá, Infura, metamask, mycrypto, nft, NFTs, Quorum, smart contract auditing, Truffle, TURN, TURN token, TURN tokens
What do you think about Consensys Diligence launching TURN tokens in order to tokenize the smart contract auditing process? Let us know your thoughts about this subject in the comments section below. Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today. Bitgo Adds Near Protocol Support — Custodian to Store Near Foundation’s Treasury ALTCOINS | 15 hours ago Jed McCaleb"s "Tacostand" XRP Wallet Is Near Empty, After the Ripple Co-Founder Transferred 9 Billion XRP Over the Years ALTCOINS | 2 days ago
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