Consensys, an Ethereum-centric, decentralized protocol software company, has announced the launch of TURN tokens, or “Time Unit Representative NFTs. “Consensys has announced that the detailed that the TURN token will create a new market for tokenized security audits via Consensys Diligence, the company’s smart contract auditing service.
Consensys Diligence will launch its TURN token in mid-August
from August 15-19,and Consensys has revealed that its token sale will be taking place for TURN tokenswhich stands for “Time-Unit Representative NFTs.” The company’ssmart contract auditing service Consensys Diligence will essentially be tokenized and will have its own price discovery phase through the open market.
“TURN is the first token of its kind to quantify the immense value of smart contracts and blockchain security auditing.” Diligence co-founder Gonçalo Sá said in a statement Tuesday.” With the TURN token, we are tokenizing labor and helping to realize the vision of a more secure Web3 that moves the free market economy forward on the blockchain.”
The upcoming auction will showcase a group of eight ERC721-compatible TURN tokens, which represent “40 hours of auditable time.” After the sale, the TURN assets can be sold on the secondary market like any other type of NFT, but the value of the TURN is based on the “timeboxed” 40-hour time.
Ethereum incubator Consensys recently raised $450 million in mid-March, raising its valuation to $7 billion.Consensys’ product line includes Metamask, Mycrypto, Infura , Quorum, Truffle, and Diligence, and serves millions of Ethereum users.Sá believes that the TURN token will be beneficial to the smart contracts and blockchain auditing industry.
“TURN allows customers to purchase audits without having to wait in a large queue of 6 to 9 months. This is the first step in resolving the bottleneck with audits in our ecosystem,” Sá remarks.
The TURN token has a very niche purpose for those who need audit services, and Consensys believes this asset will allow for “optimal price discovery for service contracts and scheduling processes.” In the world of distributed finance (defi), auditing code avoids the costly errors found in flawed code.
Image credits: Shutterstock, Pixabay, Wiki Commons, Consensys Diligence’s TURN token website
