New token by ConsenSys enables security audits for the highest bidder

The company declares that TURN is the first nonfungible token, (NFT), specifically developed for clever contract security auditing services. It basically tokenizes the labor that powers these auditing services, and enables the market to price them appropriately.

ERC 721-compliant, TURN tokens provide 40 hours of auditing to holders. TURN tokens will be able be acquired and offered on secondary market from there, enabling new users to determine the value of these services when and where they are needed.

This offering was developed by ConsenSys Diligence, an Ethereum-focused blockchain software application company. TURN represents Time-Unit Representative NFTs and will open up a market for security auditing services that are extremely searched for in the burgeoning cryptocurrency and blockchain area.

ConsenSys will tokenize security auditing and clever contracts through an auction of eight “timeboxed TURN tokens.”

Related: ConsenSys raises 450M Series D funding and doubles its valuation in simply four months

” With TURN we aim to create an open market for buyers/sellers of security auditing services as well as other time-bound human services. TURN is a token that represents timeboxed services. It is not customized for security services.

” With TURN we aim to develop an open market for buyers/sellers of security auditing services in addition to other time-bound human services. TURN is a token that represents timeboxed services. It is not tailored for security services.

ConsenSys will tokenize security auditing and wise agreements through an auction of eight “timeboxed TURN tokens.”
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ConsenSys Diligence uses eight weeks of services. Each service is tokenized in eight NFTs and lasts five working days. Auctions will begin at 100,000 DAI ($ 99.995) with a cut-off time by which NFTs need to redeemed.

Goncalo Sa, ConsenSys Diligence co-founder, stated to Cointelegraph that the solution was driven mainly by the inability to fulfill the demands for manual code evaluation within the Ethereum environment. Business are now dealing with a six-month wait time to have their systems examined. According to Sa, pricing and scheduling audit slots has actually likewise been an area that needs innovation.

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