The Ethereum-centric and decentralized protocols software firm Consensys has announced the launch of TURN token, or “Time-Unit Representative NFTs.” Consensys details that TURN tokens will create a new market for tokenized security auditing via Consensys Diligence, the firm’s smart contract audit service.
Consensys Diligence to Launch TURN Tokens in Mid-August
From August 15th to the 19th, Consensys disclosed a token sale will take place that will feature the company’s TURN token, which stands for “Time-Unit Representative NFTs.” The company’s smart contract audit service Consensys Diligence essentially will be tokenized and 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,” Gonçalo Sá, the co-founder of Diligence said in a statement on Tuesday. “With the TURN token, we’re tokenizing labor and helping deliver on the vision for a more secure Web3 that advances the free market economy on the blockchain.”
The upcoming auction will showcase a group of eight TURN tokens, which are ERC721-compatible and they represent “40 hours of time in which an audit can be provided.” Following the sale, TURN assets can be sold on secondary markets similar to other types of NFTs, but TURN’s value is based on the “timeboxed” 40 hours of time.
The Ethereum incubator Consensys recently raised $450 million in mid-March and bumped its valuation to $7 billion. Consensys’s suite of products serves millions of Ethereum users as it manages Metamask, Mycrypto, Infura, Quorum, Truffle, Diligence, and more. Sá believes TURN tokens will be beneficial to the smart contract and blockchain auditing industry.
“TURN allows customers to purchase an audit without waiting in a massive queue for 6 to 9 months. This is the first step in solving the bottleneck with auditing in our ecosystem,” Sá remarked.
TURN tokens will have a very niche purpose for those who require audit services and Consensys thinks the assets will allow for “optimal price discovery of service engagements and scheduling processes.” In the world of decentralized finance (defi), auditing code can help avoid costly errors found in faulty code.
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