Nftnews Today New token by ConsenSys enables security audits for the highest bidder
ConsenSys is ready to tokenize good contract and safety auditing companies by way of the upcoming public sale of eight “timeboxed” TURN tokens.
The Ethereum-focused blockchain software program firm has developed the providing by way of its good contract audit service ConsenSys Diligence. TURN, quick for Time-Unit Consultant NFTs, will create an open market for safety auditing companies, 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 good contract safety auditing companies within the trade. It basically tokenizes the labor powering these auditing companies 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 be capable to be purchased and bought on secondary markets from there, permitting new customers to dictate the worth of those companies as and once they want them.
Associated: ConsenSys raises $450M in Sequence 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 critiques within the Ethereum ecosystem. Consequently, firms are taking a look at a six-month ready time for an audit of their methods. Scheduling and pricing of audit slots have additionally been an space calling for innovation, in line with Sa:
“With TURN, we intention to introduce an open market for consumers and sellers of safety auditing companies and probably different time sure human companies. TURN is designed to be a token representing timeboxed companies basically. Nothing about it’s tailor-made to safety companies per se.”
ConsenSys Diligence will supply eight weeks of companies, tokenized in eight NFTs, which consist of 5 working days every. Auctions will begin at 100,000 DAI ($99,995) and have a deadline by which the NFTs have to be redeemed.
ConsenSys is ready to tokenize good contract and safety auditing companies by way of the upcoming public sale of eight “timeboxed” TURN tokens.
The journalist is a writer and digital nomad. Loves thinking, learning, and writing about all things Web3, particularly its impact on major creative industries.
