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.

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.

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.

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