Ethereum-focused decentralized protocol software company Consensys has announced the launch of the TURN token, or “representative unit of time NFT.” Consensys specifies that TURN tokens will create a new market for tokenized security auditing through Consensys Diligence, the firm’s smart contract auditing service.
Consensys Diligence will launch TURN tokens in mid-August
From 15 to 19 August. Consensus announced that there will be a token sale that will feature IRON IRON, which stands for “representative units of NFT time”. Company Smart Contract Audit Service Consensus Diligence in essence, they will be tokenized and will have their own open market pricing phase.
“TURN is the first token of its kind that quantifies the tremendous value of smart contract and blockchain security audits,” Diligence co-founder Gonzalo Sa said Tuesday. “With the TURN token, we are tokenizing labor and helping to realize the concept of a more secure Web3 that promotes a free market economy on the blockchain.”
The upcoming auction will feature a group of eight TURN tokens that are ERC721 compliant and represent “40 hours of auditable time.” Once sold, TURN assets can be traded on secondary markets like other types of NFTs, but the value of TURN is based on a “time-limited” 40 hours of time.
The Ethereum Incubator Consensys recently raised $450M in mid-March and increased its valuation to $7B. The Consensys product suite serves millions of Ethereum users as it operates Metamask, Mycrypto, Infura, Quorum, Truffle, Diligence, and more. Sa believes that TURN tokens will be useful for the smart contract industry and blockchain audit.
“TURN allows customers to purchase an audit without having to wait in a huge queue of 6 to 9 months. This is the first step towards eliminating the audit bottleneck in our ecosystem,” said Sa.
TURN tokens will have a very narrow purpose for those who require audit services, and Consensys believes that these assets will allow “to determine the optimal price of services and planning processes.” In the world of decentralized finance (defi), code review can help avoid costly bugs found in broken code.
What do you think about the launch of Consensys Diligence of TURN tokens to tokenize the smart contract audit process? Let us know your thoughts on this in the comments section below.
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