Decentralized, Ethereum-centric protocol software company Consensys has announced the launch of the TURN token, or “Time-Unit Representative NFTs”. Consensys details that TURN tokens will create a new market for tokenized security auditing through Consensys Diligence, the company’s smart contract auditing service.
Consensys Diligence will launch TURN tokens in mid-August
From August 15 to 19, Consensys revealed that a token sale will take place which will feature the company TURN token, which stands for “Time-Unit Representative NFTs”. The company’s smart contract auditing service Consensys Diligence will be essentially tokenized and will 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,” Diligence co-founder Gonçalo Sá said on Tuesday. “With the TURN token, we are tokenizing labor and helping to realize the vision of a more secure Web3 that advances the free market economy on blockchain.”
The upcoming auction will feature a group of eight TURN tokens, which are ERC721 compatible and they represent “40 hours of time during which an audit can be provided”. Following the sale, assets in TURN can be sold in secondary markets similar to other types of NFTs, but the value of TURN is based on the 40 hours of timeboxed time.
The Ethereum Consensys incubator recently raised $450 million in mid-March and bumped its valuation to $7 billion. The Consensys product suite serves millions of Ethereum users as it powers Metamask, Mycrypto, Infura, Quorum, Truffle, Diligence, and more. Sá believes that TURN tokens will be beneficial for the smart contract and blockchain auditing industry.
“TURN allows customers to purchase an audit without waiting in a massive queue for 6-9 months. This is the first step to solving the audit bottleneck in our ecosystem,” Sá remarked.
TURN tokens will have a very specific purpose for those in need of auditing services and Consensys believes the assets will enable “optimal price discovery of service engagements and planning processes.” In the world of decentralized finance (defi), code auditing can help avoid costly errors found in faulty code.
What do you think of Consensys Diligence launching TURN tokens to tokenize the smart contract auditing process? Let us know your thoughts on this in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Consensys Diligence TURN Token website
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