New token by ConsenSys enables security audits for the highest bidder

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ConsenSys is ready to tokenize sensible contract and safety auditing providers by means of the upcoming public sale of eight “timeboxed” TURN tokens.

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The Ethereum-focused blockchain software program firm has developed the providing by means of its sensible contract audit service ConsenSys Diligence. TURN, quick for Time-Unit Consultant NFTs, will create an open market for safety auditing providers, that are in excessive demand within the burgeoning blockchain and cryptocurrency area.

The agency touts TURN as the primary nonfungible token (NFT) purpose-built for sensible contract safety auditing providers within the trade. It primarily tokenizes the labor powering these auditing providers and permits the open market to cost them appropriately.

TURN tokens are ERC 721-compatible and symbolize 40 hours of auditing time to holders. TURN will have the ability to be purchased and bought on secondary markets from there, permitting new customers to dictate the worth of those providers as and once they want them.

Associated: ConsenSys raises $450M in Collection D funding, doubles valuation in 4 months

ConsenSys Diligence’s co-founder Gonçalo Sa advised Cointelegraph that the answer was primarily pushed by struggles to satisfy calls for for guide code evaluations within the Ethereum ecosystem. Because of this, corporations are a six-month ready time for an audit of their techniques. Scheduling and pricing of audit slots have additionally been an space calling for innovation, in response to Sa:

“With TURN, we purpose to introduce an open market for consumers and sellers of safety auditing providers and doubtlessly different time certain human providers. TURN is designed to be a token representing timeboxed providers typically. Nothing about it’s tailor-made to safety providers per se.”

ConsenSys Diligence will supply eight weeks of providers, tokenized in eight NFTs, which consist of 5 working days every. Auctions will begin at 100,000 DAI ($99,995) and have a closing date by which the NFTs should be redeemed.

ConsenSys is ready to tokenize sensible contract and safety auditing providers by means of the upcoming public sale of eight “timeboxed” TURN tokens.

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