News

ConsenSys Will Launch A New TURN Token In Mid-August

ConsenSys Diligence, ConsenSys’ flagship comprehensive smart contract audit service, has announced the upcoming TURN token launch.
ConsenSys Will Launch A New TURN Token In Mid-August 3

TURN (Time-Unit Representative NFT) creates a new open marketplace for buyers and sellers of security audits and goes on sale from August 15 to 19, 2022. Gonçalo Sá, Diligence’s co-founder, said in a statement on Tuesday:

“TURN is the first token of its kind to quantify the immense value of the smart contract and blockchain security audits. With the TURN token, we’re tokenizing labor and helping deliver the vision for a more secure Web3 that advances the free market economy on the blockchain.”

The upcoming auction will feature a pool of eight TURN tokens, which are compatible with ERC721 and represent “40 hours of auditable provisioning”. Once sold, TURN can be sold on the secondary market similar to other NFTs, but the value of the TURN is based on a “set” 40-hour period.

ConsenSys Will Launch A New TURN Token In Mid-August 4

As CoinCu reported, Consensys raised $450 million in mid-March, raising the company’s valuation to $7 billion. Consensys’ product suite serves millions of Ethereum users as it manages Metamask, Mycrypto, Infura, Quorum, Truffle, Diligence, and more. Gonçalo Sá believes TURN will benefit the blockchain and smart contract audit 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.”

TURN tokens will have a very niche purpose for those requiring audit services. Consensys thinks the assets will allow for “optimal price discovery of service engagements and scheduling processes.” In decentralized finance (DeFi), auditing code can help avoid costly errors found in faulty code.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

37 minutes ago

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

57 minutes ago

Inflation Warning By Vanguard Amid Tariffs And Labor Issues

Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…

1 hour ago

Clanker Token Trading Volume Hits $59.8 Million High On November 21

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

2 hours ago

Bitcoin Spot ETF Inflows Hit $1 Billion Led By BlackRock

Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…

2 hours ago

New York Techie Bagged $72M from $15K Investment in Ethereum — Here’s How BlockDAG Can Offer Similar Jackpot

Discover the success story of a New York tech entrepreneur who made $72M from a…

3 hours ago

This website uses cookies.