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New token from ConsenSys: Eight tokenized security checks will be auctioned

 


ConsenSys aims to tokenize smart contract and security audit services through the planned auction of eight TURN tokens as a "timebox".


The Ethereum-focused blockchain software company developed the offering with its smart contract audit service ConsenSys Diligence. TURN, short for Time-Unit Representative NFTs, will create an open marketplace for security verification services, which are in high demand in the blockchain and cryptocurrency industries.


The company is promoting TURN as the industry's first non-fungible token (NFT) specifically designed for security validation of smart contracts. This essentially tokenizes the work required for these exams, allowing the free market to price it appropriately.


TURN tokens are ERC 721 compliant and holders are entitled to 40 hours of exam time. TURN can then be bought and sold on secondary markets, allowing new users to self-determine the value of these services as needed.


ConsenSys Diligence Gonçalo Sa co-founder told Cointelegraph that this solution was primarily developed due to the difficulties in meeting the demand for manual code reviews in the Ethereum ecosystem. As a result, companies have to wait six months for their systems to be checked. According to Sa, there is also a need for innovation in the planning and pricing of examination periods:


"With TURN, we aim to provide an open marketplace for buyers and sellers of security clearances to potentially other time-bound human services. TURN is designed as a token representing "timeboxed" services in general. Nothing about it is tailored to security services per se."

ConsenSys Diligence wants to offer eight weeks of services per token. These services are tokenized into eight NFTs, each spanning five business days. The auctions start at 100,000 DAI ($99,995) and have a deadline by which the NFTs must be redeemed.

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