Consensys to Tokenize Smart Contract and Blockchain Audits via TURN Token Launch – Altcoins Bitcoin News

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Consensys to Tokenize Smart Contract and Blockchain Audits via TURN Token Launch – Altcoins Bitcoin News
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Consensys, an Ethereum-centric decentralized protocol software company, announced the launch of the TURN token, or “unit of time representing NFT.” Consensys detailed that the TURN token will create a new market for tokenized security audits through the company’s smart contract auditing service Consensys Diligence.

Consensys Diligence to launch TURN token in mid-August

From August 15th to 19th, Consensys revealed that it will be conducting a token sale that will feature the company’s TURN token, which stands for “unit of time for NFT.” The company’s smart contract auditing service, Consensys Diligence, will essentially be tokenized and have its own stage of price discovery through the open market.

“TURN is the first token to quantify the enormous value of smart contracts and blockchain security audits,” Gonçalo Sá, co-founder of Diligence, said in a statement on Tuesday. “With the TURN token, we are tokenizing the workforce. monetization and help realize the vision of a more secure Web3, thereby driving a free market economy on the blockchain.”

Consensys to Tokenize Smart Contracts and Blockchain Audits with TURN Token Release

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The upcoming auction will showcase a set of eight TURN tokens, which are ERC721 compatible, and which represent “can provide 40 hours of audit time.” After the sale, TURN assets can be sold on the secondary market, similar to other types of NFTs, but the value of TURN is based on the 40-hour period of the “timebox”.

Ethereum incubator Consensys recently raised $450 million in mid-March, raising its valuation to $7 billion. Consensys’ suite of products serves millions of Ethereum users, managing Metamask, Mycrypto, Infura, Quorum, Truffle, Diligence, and more. Sá believes that the TURN token will benefit the smart contract and blockchain auditing industries.

“TURN allows customers to purchase audits without waiting in long lines for 6 to 9 months. This is the first step in addressing audit bottlenecks in our ecosystem,” commented Sá.

TURN tokens will have a very niche use for those in need of auditing services, and Consensys believes these assets will allow for “optimal price discovery of service engagement and scheduling processes.” In the world of decentralized finance (defi), auditing code can help avoid finding costly bugs in bad code.

tags in this story

Altcoins, Auditing, Diligence, ConsensYs, Consensys Diligence, Decentralized Finance, Diligence, ERC721, Ethereum Incubator, Gonçalo Sá, Infura, metamask, mycrypto, nft, NFTs, Quorum, Smart Contract Auditing, Truffle, TURN, TURN Tokens Co-founder, TURN token

What do you think of Consensys Diligence launching the TURN token to tokenize the smart contract audit process? Let us know your thoughts on this topic in the comments section below.

Jamie Redman

Jamie Redman is the Head of News at Bitcoin.com News and a fintech reporter living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 5,700 articles for Bitcoin.com News on the disruptive protocols emerging today.

Image credits: Shutterstock, Pixabay, Wiki Commons, Consensys Diligence’s TURN Token website

Disclaimer: This article is for informational purposes only. It is not a direct offer or an invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned herein.

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