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